The following assets of Manila Corporation's South Korean subsidiary have been converted into Philippine pesos at the following exchange rates:

AccountsCurrent RatesHistorical Rates

Accounts receivableP 850,000P 875,000

Inventories600,000575,000

Plant assets1,200,000900,000

TotalsP2,650,000P2,350,000

If the French subsidiary maintains an integrated operations with the Philippine parent's operations, the assets should be reported in the consolidated financial statements of Manila Corporation and subsidiary in the total amount of ________________

P2,325,000

P2,350,000

P2,320,000

P2,650,000

If the French subsidiary maintains a stand-atone operations fully independent from the parent's operations, the assets should be reported in the consolidated financial statements of Manila Corporation an subsidiary in the total amount of ___________

P2,650,000

P2,350,000

P2,325,000

P2,320,000