LIGHTNING Company acquired 45% interest in an associate, Spark Company for $6,000,000 on January 2, 2020. At the acquisition date, there were no differences between fair value and carrying amount of identifiable assets and liabilities Spark Company reported net income of $1,800,000 for 2020 and 2,300,000 for 2021. On December 31, 2020 and 2021, Spark paid cash dividend of P500,000 and $750,000 respectively. Moreover, On April 30, 2020, Spark Company sold an equipment costing P370,000 to Lightning for P520,000. Lightning applies a 5-year depreciation. On November 30, 2020, Spark Company sold an inventory to Lightning Company for 2,500,000. The inventory had a cost of P2,000,000. 50% was still on hand on December 31, 2020. REQUIREMENTS: 6. Determine LIGHTNING's share in the profit of Spark for 2020. 7. Determine LIGHTNING's share in the profit of Spark for 2021. 8. Compute for the investment income (loss) in 2020. 9. What is the carrying value of the investment in associate at year end 2020? 10. What is the carrying value of the investment in associate at year end 2021