10 8. On June 1, 2019, BERRY acquired a 10% interest in an investee for $2,400,000. The investment was accounted for using the cost method. On January 1, 2020. BERRY acquired a further 15% interest in the investee for P5,400,000. On such date, the carrying amount of the net assets of the investee was $28,800.000 and the fair value of the 10% interest was 23,600,000. The fair value of the net assets of the investee is equal to carrying amount except for an equipment whose fair value exceeds carrying amount by P3.200.000. The equipment has a remaining life of 5 years. The investee reported net income of P6,400,000 for 2020 and paid dividend of P4,000,000 on December 31, 2020. What is the carrying amount of the investment in associate on December 31, 2020?* Your answer 10 9. On January 2, 2020. GRAPES Company sold equipment with a carrying amount of P480,000 in exchange for a P600,000 non-interest bearing note due Jan 2, 2023. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2.2020 was 10%. The present value of 1 at 10% for three periods is 0.75. How much should GRAPES report as gain(loss) on sale of equipment in its 2020 income statement? (If loss, put a negative sign before the numerical answer)* Your