12.) What amount should be reported as investment in associate at the end of 2021? * For item 11 and 12 At the beginning of the current year, Open-Minded Company acquired 40% of the outstanding ordinary shares of an investee for P15,000,000. The carrying amount of the net assets of the investee equaled P30,000,000. At acquisition date, the carrying amounts of the identifiable assets and liabilities of the investee were equal to their fair value, except for equipment whose fair value was P9,000,000 greater than carrying amount. The equipment has a remaining life of 4 years. The investee reported net income of P10,000,000 and paid P5,000,000 cash dividend at year-end. 11.) What amount should be reported as investment income in 2020?* For item 11 and 12 At the beginning of the current year, Open-Minded Company acquired 40% of the outstanding ordinary shares of an investee for P15,000,000. The carrying amount of the net assets of the investee equaled P30,000,000. At acquisition date, the carrying amounts of the identifiable assets and liabilities of the investee were equal to their fair value, except for equipment whose fair value was P9,000,000 greater than carrying amount. The equipment has a remaining life of 4 years. The investee reported net income of P10,000,000 and paid P5,000,000 cash dividend at year-end