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21. On 1/1/2020 the CBF Company purchased 40% of the outstanding common stock of the TNZ Company for P700,000. During 2020 CBF earned P2,000,000 in

21. On 1/1/2020 the CBF Company purchased 40% of the outstanding common stock of the TNZ Company for P700,000. During 2020 CBF earned P2,000,000 in net income and TNZ had a net loss of P50,000. In addition, CBF declared P200,000 in dividends and TNZ declared P15,000 in dividends. What value will CBF's investment in TNZ's be carried at on the 12/31/2020 Statement of Financial Position?

a. P714,000

b. P680,000

c. P700,000

d. P674,000

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