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Your company bought the 40% of the total outstanding ordinary shares of a start-up company for a total of P1,600,000 in January 1, 2020. This company has the following accounts in its statement of financial position. Assets subject to depreciation with 8 years remaining useful life. Assets not subject to depreciation Liabilities P2,400,000 800,000 400,000 Book values and fair values are equal for the assets not subject to depreciation and liabilities. The fair market value of the assets subject to depreciation is P2,820,000. The company depreciates its assets using straight-line method. Its intangibles are amortized over a 20-year period. Its net income for the year ended December 31, 2020 is P740,000. This start-up declares and pays dividends of P500,000 in 2020. How much is the carrying amount of the investment as of December 31, 2020? O P1,675,000 O P1,784,000 P1,640,000 O P1,691,000