JAGUAR CORP, a local company in the Philippines purchased a 30% interest of AMERICAN COMPANY, a foreign entity for FC50,000 on account on January 1, 2017. The company settled the account on March 1, 2017.

On January 1, the book values of AMERICAN COMPANY approximated their fair values. During the year, AMERICAN COMPANY declared a FC7,000 cash dividend on July 1, 2017 payable on August 31, 2017 and a FC3,500 cash dividend on November 1, 2017 payable on January 31, 2018.

AMERICAN COMPANY also reports net income of FC20,000. The peso equivalent of the foreign currencies on their respective dates are as follows; January 1, 2017, P45; March 1,2017, 44; July 1, 2017, P41.50; August 31, 2017, P42.10; November 1, 2017, P42; December 31, 2017, P40; January 31, 2018 P41 and the average for the year 2017, P43. (FC = FOREIGN CURRENCY; P= PHILIPIINE PESO)

Compute the net increase or decrease in the company's current earnings because of the investment AMERICAN COMPANY.

a)49,160

b)258,000

c)289,160

d)307,160