Y Inc. is a wholly owned subsidiary of P Corporation. The following are excerpts from the 2019 condensed statements of financial position of the two companies: P Corp. P500.000 2,000,000 Y Inc. Sales to Y Sales to others Cost of goods sold from P Cost of goods sold from others Gross profit P1,500,000 400,000 950,000 P150,000 1,750,000 P750,000 The sales of P to Y are made on the same terms as those made to others.

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