Beng Inc. purchases all of the outstanding stock of Marvin Corporation on January 2, 2016 for P403,000. Equipment with a 10-year life was undervalued on Marvin's financial record by P49,400. Goodwill resulting from this combination is P72,800. Marvin reported net income of P195,000 in 2016 and P234,000 in 2017. Dividends of P78,000 were paid in each of these two years. Selected account balances as of December 31, 2017 for the two companies follow: Beng Marvin Revenues P1,170,000 P910,000 Expenses 520,000 650,000 Income from subsidiary not given Accumulated profits, 1/1/2017 910,000 650,000 Dividends paid 143,000 78,000 What is the Consolidated Accumulated Profits as of December 31, 2017? O P1,901,120 O P2,312,180 O P1,870,609 O P1.935,180 Beng Inc. purchases all of the outstanding stock of Marvin Corporation on January 2, 2016 for P403,000. Equipment with a 10-year life was undervalued on Marvin's financial record by P49,400. Goodwill resulting from this combination is P72,800. Marvin reported net income of P195,000 in 2016 and P234,000 in 2017. Dividends of P78,000 were paid in each of these two years. Selected account balances as of December 31, 2017 for the two companies follow: Beng Marvin Revenues P1,170,000 P910,000 Expenses 520,000 650,000 Income from subsidiary not given Accumulated profits, 1/1/2017 910,000 650,000 Dividends paid 143,000 78,000 What is the Consolidated Accumulated Profits as of December 31, 2017? O P1,901,120 O P2,312,180 O P1,870,609 O P1.935,180