Calvin Company bought 40% of Tommy's Company's outstanding ordinary shares on January 1, 2020 for P4,000,000. The carrying amount of Tommy's net assets at the purchase date totaled P9,000,000. Fair values and carrying amounts were the same for all items except for a plant and inventory, for which fair values exceeded their carrying amounts by 900,000 and 100,000 respectively. The plant has an 18-year life. All inventory was still available in 2020. During 2020, the investee reported net income of P1,200,000 and paid a 200,000 cash dividend. What amount should be reported as investment income in the income statement for the year ended December 31, 2020? Select the correct response: 360,000 320,000 420,000 480,000