28. On June 30, 2020 Slovak Company purchased 20% of the outstanding ordinary shares of an...

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28. On June 30, 2020 Slovak Company purchased 20% of the outstanding ordinary shares of an investee for P4,000,000 when the fair value of net assets was P20,000,000. Slovak Company has the ability to exercise significant influence over the operating financial policies of the investee. The following data concerning the investee are available. Net income Dividend declared and paid 12 months ended 12.31.2020 3,000,000 1,900,000 6 months ended 12.31.2020 1,600,000 1,000,000 In the income statement for the year ended December 31, 2020, what amount of income should be reported from the investment? 28. On June 30, 2020 Slovak Company purchased 20% of the outstanding ordinary shares of an investee for P4,000,000 when the fair value of net assets was P20,000,000. Slovak Company has the ability to exercise significant influence over the operating financial policies of the investee. The following data concerning the investee are available. Net income Dividend declared and paid 12 months ended 12.31.2020 3,000,000 1,900,000 6 months ended 12.31.2020 1,600,000 1,000,000 In the income statement for the year ended December 31, 2020, what amount of income should be reported from the investment?