On January 1, 2020, MJ Co. acquired 25% interest in the ordinary shares of Horse, Inc. for P3,000,000 which reflected book value as of that date. On January 3, 2020, Horse, Inc. sold an equipment costing P600,000 to MJ Co. for P800,000. The equipment has a remaining life of 5 years.

	2020	2021
Net income	1,000,000	1,500,000
Dividend declared	400,000	700,000

Based on the above data, determine the following: (ignore income tax implications)

1. Share in the net income(loss) of the associate in 2020