On January 1, 2019, ABC Inc., paid P700,000 for 10,000 shares of XYZs Companys voting ordinary shares, which was a 10% interest in XYZ. At that date the net assets of XYZ totaled P6,000,000. The fair values of all of XYZs identifiable assets and liabilities were equal to their book values. ABC does not have the ability to exercise significant influence over the operating and financial policies of XYZ. ABC received dividends of P0.90 per share from XYZ on October 1, 2019. XYZ reported net income of P400,000 for the year ended December 31, 2019. On July 1, 2020, ABC paid P2,400,000 for 30,000 additional shares of XYZ Companys voting ordinary shares, which represents a 30% investment in XYZ.. The fair values of XYZs identifiable assets net of liabilities were equal to their book values of P6,500,000. As a result of this transaction, ABC has the ability to exercise significant influence over the operating and financial policies of XYZ. ABC received dividends of P1.10 per share from XYZ on April 2, 2020, and P1.35 per share on October 1, 2020. XYZ reported net income of P500,000 for the year ended December 31, 2020 and P200,000 for the six months ended December 31, 2020. ABC does not amortize goodwill but evaluates at each year-end its possible impairment. No impairment on goodwill has been observed though. How much should the company present its investment in XYZ in its 2020 financial position?