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

Cash 36,000

Accounts Receivable 457,000

Inventories 120,000 Property,

plant and equipment 696,400

Accounts Payable 350,800

Bush Company paid P 1,400,000 for net assets of VV Company. It was determined that fair market values of inventories and plant, property and equipment 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. Required: Journal entry in the books of Bush Company to reflect the business combination.