A Corp. purchased 40,000 ordinary shares of B Corp. on May 1, 20x1 at P150 per share, which reflected carrying value as of that date. B Corp. had 200,000 ordinary shares outstanding at the time of purchase and reported the following:

• YR 20x1 Profit P1,100,000;Cash Dividend paid to A Corp P200,000; Year-end FV of share P155
• YR 20x2 Profit P1,200,000;Cash Dividend paid to A Corp P300,000; Year-end FV of share P165
• YR 20x3 Profit P1,300,000;Cash Dividend paid to A Corp. P150,000; Year-end FV of share P170

On January 2, 20x3, A Corp. sold 20,000 ordinary shares of B Corp. for 160 per share.On this date, A Corp. exercised its option to measure the remaining securities at fair value through other comprehensive income.Determine the amount at which the investment in associate will be carried in the statement of financial position of A Corp. atDecember 31, 20x2andDecember 31, 20x3.

a.

Dec. 31, 20x2 P7,386,667 ; Dec. 31, 20x3 P0.00

b.

Dec. 31, 20x2 P7,386,667 ; Dec. 31, 20x3 P7,496,667

c.

Dec. 31, 20x2 P7,460,000 ; Dec. 31, 20x3 P7,570,000

d.

Dec. 31, 20x2 P7,520,000 ; Dec. 31, 20x3 P7,460,000