Equity method 5. On January 1, 2002, Alsop Corp. acquired 30,000 shares out of the 100,000 outstanding ordinary shares of Stone Services Inc. for P1,300,000 as a long-term investment. Data from Stone's 2002 financial statements include the following: a. b. . d. Profit P330,000 Less: Cash dividends paid Increase in retained earnings e. 160,000 (Ad P170,000 The fair value of Stone Services Inc. ordinary shares on December 31, 2002, was P98 per share. Alsop Corp. does not have any other noncurrent investments in securities. Requirement: Prepare the necessary journal entries for Alsop's investment in Stone Services Inc. ordinary shares. 8. (Adapted) 7.