Lake Corp.'s accounting records showed the following investments at 1/1/2020:

Ordinary shares:

Pond Corp (1,000 shares)10,000

Lagoon Corp (5,000 shares)100,000

Real estate:

Parking lot (leased to Sea Co.)300,000

Other:

Trademark (at cost, less acc. Dep'n)25,000

Total investments435,000

Lake owns 1% of Pond and 30% of Lagoon. The Sea lease, which commenced on 1/1/2018 is for 10 years, at an annual rent of P48,000. In addition, on 1/1/2018, Sea paid a non-refundable deposit of P50,000, as well as a security deposit of P8,000 to be refunded upon expiration of the lease. The trademark was licensed to Ocean Co. for royalties of 10% of sales of the trademarked items. Royalties are payable semiannually on 3/1 (for sales in July through December of the prior year), and on 9/1 (for sales in January through Juneof the same year)

During the year ended 12/31/2020, Lake received cash dividends of P1,000 from Pond and P15,000 from Lagoon whose 2020 net incomes were P75,000 and P150,000 respectively. Lake also received P48,000 rent from Sea in 2020 and the following royalties from Ocean:

March 1September 1

20193,0005,000

20204,0007,000

Ocean estimated that the sales of the trademarked items would total P20,000 for the last half of 2020.

Required:

a.How much should be reported as dividend revenue?

b.How much is royalty revenue?

c.How much is rental revenue?