On January 1, 2019, Myrah Company acquired 30% of the ordinary shared of an associate for P5,000,000. On this date, all the identifiable assets and liabilities of the associate were recorded at fair value. An analysis of the acquisition showed that goodwill of P400,000 was acquired. The net income and dividend of the associate for 2019 and 2020 were as follows: 2019-P2,5000,000, 900,000; 2020- P4,000,0000, 2,000,000.

On January 3, 2019, Myrah Company sold an equipment costing P300,000 to the associate for P400,000. The equipment has a remaining useful life of 5 years. In December 2019, the associate sold inventory to Myrah Company for P350,000. The cost of the inventory was P300,000. This inventory remained unsold by Myrah Company on December 31, 2019. However, it was sold by Myrah Company in 2020. In December 2020, Myrah Company sold inventory to the associate for P550,000. The cost of the inventory was P400,000. This inventory remained unsold by the associate on December 31, 2020.

Based on the above, determine the following: (ignore income tax on the intercompany sale)

1.) Investment income in 2019.

2.) Investment income in 2020.

3.) Carrying amount of the investment in associate in December 31, 2019.

4.) Carrying amount of the investment in associate in December 31, 2020.

5.) Assuming the company is a small/medium entity and uses the equity method, the carrying amount of investment on December 31, 2021 is ______.