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Investment in Equity Instruments (Equity Method) (PAS 28) Problem 3. The following transactions occurred concerning the Investment in Associate of ABS Inc. for the years ended December 31, 2021 and 2022. Year 2021 On January 1, 2021, ABS Inc. acquired 30,000 of the 100,000 outstanding ordinary shares of TV5 Inc. for P5,000,000. TV5 Inc. has 5% cumulative preference share with total par value of P10,000,000. The net assets of TV5 Inc. has a book value of P21,000,000. The assets of TV5 are properly valued except the following assets: Book value Fair value Land P3,000,000 2,000,000 Building (10 years) P4,000,000 7,000,000 Equipment (5 years) P7,000,000 5,000,000 Inventory P4,000,000 8,000,000 The land mentioned above was sold by TV5 Inc. during 2021 for P5,000,000. AA All of the inventory mentioned above was sold by TV5 Inc. during 2021. On October 1, 2021, TV5 Inc. declared and distributed P1,000,000 cash dividends to its ordinary shareholders. For the year ended December 31, 2021, TV5 Inc. reported a net profit of P10,000,000 and net debit to other comprehensive income of P1,000,000. Year 2022 > On January 1, 2022, the following upstream transactions occurred between ABS Inc. and TV5 Inc.: O TV5 Inc. sold a land to ABS Inc. at a selling price of P2,000,000 with a book value of P1,500,000. O TV5 Inc. sold a machine to ABS Inc. at a selling price of P3,000,000 with a historical cost of P5,000,000 and accumulated depreciation of P1,000,000. The machine has a useful life of 4 years. o TV5 Inc. sold an inventory to ABS Inc. with gross profit of P2,000,000. 20% of the inventory above was sold by ABS Inc. to third persons but the land remained unsold. On July 1, 2022, TV5 Inc. declared and distributed P500,000 cash dividends to its ordinary shareholders. For the year ended December 31, 2021, TV5 Inc. reported a net profit of P5,000,000 and net credit to other comprehensive income of P2,000,000. Required: Based on the result of your audit, determine the following: 1. (Gain on bargain purchase) or goodwill included in investment account 2. Investment Income for the year ended 12/31/2021 3. Book value of investment in associate on 12/31/2021 4. Investment Income for the year ended 12/31/2022 5. Book value of investment in associate on 12/31/22