On January 1, 2020, SLATER COMPANY purchased 20% of OLIVER COMPANY'S ordinary shares outstanding for P6,000,000. The acquisition cost is equal to the carrying amount of the net assets acquired. During 2020, the investee reported net income of P7,000,000 and paid cash dividend of P4,000,000. What is the balance of the investment in associate on December 31, 2020? P6,000,000 P6,600,000 P7,400,000 P5,200,000