Reference no: EM132805351

Condensed statements of financial position of Care Corp. and Charm Corp. as of December 31, 2012 are as follows:

                                                 Care                  Charm

Current Assets                P 43,750          P 16,250

Noncurrent assets             181,250        106,250

Total assets                     P225,000        P122,500

Liabilities                              P 16,250           P8,750

Common stocks, P20 par 137,500                      75,000

Additional paid in capital      8,750                          6,250

Retained earnings                 62,500                         32,500

Problem 1: On January 1, 2013, Care Corp. issued 8,750 stocks with a market value of P25/share for the assets and liabilities of Charm Corp. The book value reflects the fair value of the assets and liabilities, except that the noncurrent assets of Charm has a temporary appraisal of P157,500 and the noncurrent assets of Care are overstated by P7,500. Contingent consideration, which is determinable, is equal to P3, 750. Care also paid for the stock issuance costs worth P8, 500 and other acquisition costs amounting to P4, 750.On March 1, 2013, the contingent consideration has a determinable amount of P5, 000. On June 1, 2013, the provisional fair value of the noncurrent assets of Charm increased by P2, 250. How much is the combined total assets at the end of 2013?