YUKI COMPANY engaged in the following transactions in 2020: a. On January 1, Paid 750.000 cash for all the outstanding stock of ENOLA Company. ENOLA COMPANY'S assets and liabilities on this day are as follows: Cash 88,000 Inventory 150,000 Property and Equipment (net of accumulated depreciation of P100,000] 350,000 Liabilities 82.500 On the day of the business combination the fair value of the inventory was 255,000 and the fair value of the property and equipment (net) was 490,000. b. On Sept 1, the company acquires all of the assets and assumes the liabilities of EMILY Corp. and JENNIE Corp. by issuing 100,000 shares of its stock to Emily Corp. and 16,000 shares of its stock to Jennie Corp. Statement of financial position reflecting uniform accounting procedures as well as fair values that are to be used as basis of the combination are prepared on September 1, 2020 are as follows: EMILY CORP JENNIE CORP Assets 4,600,000 800,000 Liabilities 2.435,000 445,000 Capital Stack, all P10 par 1,300.000 215,000 Additional Paid-in Capital 145,000 100,000 Retained Earnings (deficit] 720.000 40,000 Total Liabilities and Equities 4 600 000 800,000 YUKI COMPANY shares have a market value of 25 per share on Sept 1, 2020. Market values are not available for EMILY CORP. and JENNIE CORP