On January 1, 2018, Elvie Company sold equipment to Elvira Company, its wholly-owned subsidiary, for P500,000. The equipment had cost Elvie P600,000. The book value at the time of the sale was P360,000. Elvie used a 10-year life, no salvage value, and straight line depreciation. Elvira will continue this practice. On the consolidated statement of financial position at December 31, 2018, the cost and accumulated depreciation of the equipment should be stated at: OP360,000 and P 24,000 P500,000 and P264,000 P625,000 and P375,000 O P600,000 and P300,000