F Corporation sold equipment to its 80% owned subsidiary, R Corp., on January 1, 2016. F sold the equipment for P110,000 when its book value was P85,000 and it had a 5-year remaining useful life with...

F Corporation sold equipment to its 80% owned subsidiary, R Corp., on January 1, 2016. F sold the equipment for P110,000 when its book value was P85,000 and it had a 5-year remaining useful life with no expected salvage value. Separate balance sheets for F and R included the following equipment and accumulated depreciation amounts on December 31, 2016.

                                                                 F                      R

            Equipment                               750,000           300,000

            Accumulated Depreciation      (200,000)         (50,000)

            Equipment – net                      550,000           250,000

What is the consolidated amounts for equipment and accumulated depreciation at December 31, 2016, respectively?