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Problem 4. The following transactions occurred concerning the Investment in Associate of TNT Inc. for the years ended December 31, 2015 and 2016: Year 2015 On July 1, 2015, TNT Inc. acquired 20,000 of the 100,000 outstanding ordinary shares of ANC Inc. for P3,000,000. The net assets of ANC Inc. has a book value of P24,000,000. The assets of ANC Inc. are properly valued. ANC Inc. has 10% noncumulative preference share with total par value of P4,000,000. On October 1, 2015, ANC Inc. declared and paid cash dividends to its ordinary shareholders only for a total of P1,000,000. For the year ended December 31, 2015, ANC Inc. suffered financial losses and TNT Inc. made P100,000 cash advances to ANC Inc. ANC Inc. reported P40,000,000 net loss for the year ended December 31, 2015. Year 2016 For the year ended December 31, 2016, ANC Inc. reported net income of P30,000,000. On December 31, 2016, ANC Inc. declared and paid the yearly cash dividends to its preference shareholders and distributed P5,000,000 dividends to ordinary shareholders. Required: Based on the result of your audit, determine the following: 1. (Gain on bargain purchase)or goodwill included in investment account 2. Investment losses for the year ended 12/31/2015 3. Book value of investment in associate on 12/31/2015 4. Investment Income for the year ended 12/31/2016 5. Book value of investment in associate on 12/31/2016