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The condensed statement of financial position of P Corporation and SCompany as of October 31,2013 are presented below: P Corp.S Co. Assets P3,800,000P850,000 liabilities 1,350,000250,000

The condensed statement of financial position of P Corporation and SCompany as of October 31,2013 are presented below:

P Corp.S Co.

Assets P3,800,000P850,000

liabilities 1,350,000250,000

Common stock, P100 par1,500,000500,000

Retained earnings 950,000100,000

total P3,800,000P3,800,000

On October 31,2013, P Corporation acquired 4,000 shares of S Company at P520,000. The market price of the 1,000 shares of S on October 31,2013 is P140 per share. In the consolidated statement of financial position on October 31,2013, total assets are to be reported at

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