On July 1, 2021, P Company borrowed P160,000 to purchase 80 percent of the outstanding common stock of S Company. This loan, carrying a 10 percent annual rate, is payable in 8 annual installments beginning July 1, 2022. Summarized portions of the companies' statements of financial position as of July 1, 2021, are as follows: P S Total assets 800,000 300,000 Total liabilities 250,000 155,000 Total shareholders' equity 550,000 145,000 The book values of S Company's assets and liabilities approximated market values except for accounts payable, which had a fair value that was P5,500 more than the book value. Any remaining difference is attributable to goodwill. What will be the amounts to be recorded on the consolidated statement of financial position at July 1, 2021, for the following accounts?

Total assets

Investment in S company

Non controlling interest

Goodwill

Total liablities

Answer rating: 100% (QA)

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