On January 1, 2020, Easy PC Company purchased 30% interest in SBV Company for P2,500,000. On this date SBV's shareholders' equity was P5,000,000. The carrying amount of SBV's identifiable net assets approximated their fair values, except for the land whose fair value exceeded its carrying amount by P2,000,000. The investee reported a net income of P1,000,000 for 2013 a and paid no dividends. In December 31, 2020 Statement of financial position, what amount should be reported as investment in associate? Select the correct response: 2,800,000 2,200,000 2,760,000 2,100,000