18-29: On January 1,2017 entities A and B each acquired 30 per cent of the ordinary voting shares of entity X for P600,000. Entities A and B immediately agreed to share control over entity X. For the year ended December 31,2017, entity X rcported a profit of P800,000 and declared and paid dividend of P300,000. At December 31, 2017 the fair value of each venturer's investment in entity X is P850,000. However, there is no published price quotation for entity X. Investments are accounted for using the fair value model. For the year ended December 31,2017 , profit or loss is to be increased by: a. P340,000 b. P90,000 c. P250,000 d. P300,000 18-30: Using the same data in item 18-29, entities A and B must each report their investment in entity X at: a. P600,000 b. P850,000 c. P800,000 d. P750,000