Use the following data in answering questions 17 and 18. Using cost method to account its investment in subsidiary, PAPA Corporation acquired 80% of the outstanding common stock of MAMA Company on June 1, 2022 for P2,345,000. MAMA Company's stockholder's equity components at the end of this year are as follows: Ordinary Share 100 par, P1,000,000, Share Premium P450,000, Retained Earnings P890,000. Non-controlling interest is measured at fair value. All the assets of MAMA were fairly valued, except for inventories, which are overstated by P44,000, and equipment, which was understated by P60,000. Remaining useful life of equipment is 4 years. . Both companies use the straight-line method for depreciation and amortization. Stockholder's equity of PAPA on June 1, 2022 is composed of Ordinary Share P3,000,000, Share Premium P7700,000, Retained Earnings P2,100,00 Fair value of non-controlling interest on the date of acquisition is P470,000. Goodwill, if any, should be written down by 56,900 at year-end. Net Income for the first year of PAPA and subsidiary are P300,000 and P170,000 from date of acquisition respectively, Dividends declared amounted to P80,000 from PAPA and P60,000 from subsidiary. During the year, there was no issuance of new ordinary shares. 17. What is the balance of the non-controlling interest in net assets of subsidiary on December 31, 2022? a. P580,670 b. P508,970 C. P496,970 d. P487,670 18. Using the information in number 17, what is the amount of consolidated shareholder's equity? a. P6,081,380 b. P6,569,050 CP6,569,050 d. P6,578,350