9. Joe Co. owns 25% of the outstanding ordinary shares of Monkey Co. Monkey has outstanding noncumulative preference shares with aggregate par value of P5,000,000 and fixed dividend rate of 5%, none of which is held by Joe. Monkey reported P2,800,000 profit for the year and declared dividends of P800,000 to preference shareholders and P900,000 to ordinary shareholders. How much investment income should Joe Co. recognize for the year? a. 225,000 b. 500,000 c. 637,500 d. 1,050,000