The VV Company had these accounts at the time it was acquired by Bush Co.

Cash P 36,000 Accounts Receivable 457,000 Inventories 120,000 PPE 696,000 Accounts Payable 350,800

Bush Co paid P 1,400,000 for net assets of VV Company. It was determined that fair market values of inventories and PPE were P 133,000 and P 900,000, respectively. An assumed contingent liability arising from past events with a fair value amounting to P 10,000 and such amount is considered a reliable measurement. In the books of Bush Co., this transaction resulted in