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3. On Jan. 1, 20x1, Ice Co. acquired 25,000 newly issued shares of Pack Co. for P1,000,000. Pack Co. had 100,000 total outstanding shares before
3. On Jan. 1, 20x1, Ice Co. acquired 25,000 newly issued shares of Pack Co. for P1,000,000. Pack Co. had 100,000 total outstanding shares before the issuance of the new shares. In 20x1, Pack reported profit of P2,000,000 and P80,000 unrealized gain on the change in the fair value of investment in equity securities measured at fair value through other comprehensive income. Ice Co. received cash dividend of P100,000 from Pack Co. during the year. How much is the carrying amount of Ice Co.'s investment in associate on Dec. 31, 20x1? a. 1,495,000 b. 1,420,000 c. 1,391,000 d. 1,316,000
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