The following information appears in the books of acquiree KC Company at January 2, zoxs: Current assets Trade receivables (net) P1,200,000 Inventory 1,300 00 J Property, plant and equipment (net) Total assets Current liabilities P 760,000 Non-current liabilities 1, 00m Shareholders equity P3,000,000 _4,600, on P7,600,000 I2..l) P5 240 00 JJ On this date, entity purchased all the assets and assumed all the liabilities of the acquiree for P7 million. On January 2, zoxs, the fair values of acquiree's assets were as follows: trade receivables, P'l million; inventory, P1 .7 million, property, plant and equipment, P53 million. The fair value of the liabilities are deemed equal to their carrying amounts