Grant Company acquired 30% of South Company's voting share capital for 2,000,000 on January 1, 2023. Grant's 30% interest in South gave Grant the ability to exercise significant influence. During 2023, South earned P1,500,000 and paid dividend of P800,000. South reported earnings P3,000,000 for the year ended December 31, 2024. The income was earned evenly throughout 2024.

On July 1, 2024, Grant sold half of the investment in South for P1,800,000 cash. South paid dividend of P1,000,000 on October 1, 2024. The fair value of the retained investment is P1,900,000 on July 1, 2024 and 2, 30 on December 31, 2024. The retained investment is to be held as financial asset at FVOCI.

1. On December 31, 2023, what is the carrying amount of the investment in associate?

2. What total amount of income in profit or loss should be reported in 2024?