14. On January 1, 2020, Equality Company acquired 20% of ordinary shares of an associate for P6,000,000. On this date, all identifiable assets and liabilities of the associate were recorded at fair value. In December 2020, the associate sold inventory to Equality Company for P550,000. The cost of the inventory was P490,000. This inventory remained unsold by Equality on December 31, 2020. However, it was sold by Equality in 2021. In 2021, the associate sold equipment to Equality for P800,000. The carrying amount of the equipment is P600,000. The asset has a remaining life of 4 years. The associate reported the following net income and dividend payment: Net income of 2020, P4,000,000; Net income of 2021, P5,000,000; Cash dividend of 2020, P2,000,000 and cash dividend of 2021, P1,500,000. Required: a.) Investor's share in the profit of the associate for 2020 b.) Investor's share in the profit of the associate for 2021 13. On April 1, 2020 Patience Company purchased 25% of the outstanding ordinary shares of an investee for P5,000,000 when the fair value of net assets was P20,000,000 Patience Company has the ability to exercise significant influence over the operating and financial policies of the investee. The investee reported net income of P3,000,000 for the 12 months ended December 31, 2020 and P2,200,000 for the nine months ended December 31, 2020. In the income statement for the year ended December 31, 2020, what amount of income should be reported from the investment