How much is the carrying amount of investment in associate on December 31, 2021?

Question 14 2 points Save Answer On January 1, 2020, Noah Company acquired 25% of the ordinary shares of an associate for P12,000,000. On this date, all the identifiable assets and liabilities of the associate were recorded at fair value. The net income and dividend of the associate were as follows: 2020 2021 Net income 5,000,000 8,000,000 Dividend paid 3,000,000 5,500,000 In December 2020, the associate sold inventory to Noah Company for P700,000. The cost of the inventory was P500,000. The inventory remained unsold by Noah Company on December 31, 2020. However, it was sold by Noah Company in 2021. In December 2021, the associate sold the inventory to Noah Company for P1,200,000. The cost of the inventory was P800,000. This inventory remained unsold by Noah Company on December 31, 2021. How much is the carrying amount of the investment in associate on December 31, 2021