On January 2, 2019, Maco, Inc. acquired a 15% interest in Nacon Corp. by paying P2,000,000 for 10,000 ordinary shares. On this date, the net assets of Nacon Corp totaled P12,000,000. The fair values of Nacon Corp.'s identifiable assets and liabilit were equal to their book values. The investment in Nacon Corp. is classified as FVTOCI. On January 1, 2020, Maco paid P4,500,000 for 30,000 additional ordinary shares of Nacon, which represents a 25% interest in Nacon. The fair value of Nacon's identifiable net assets, was equal to their book values of P13,000,000. During 2019 and 2020 the following occurred: Nacon's Profit Dividends Paid by Nacon 2019 P2.000.000 P1.000.000 2020 5.000.000 1,500,000 The fair value of Maco's investment in Nacon securities is as follows: December 31. During 2019 and 2020 the following occurred: Nacon's Profit Dividends Paid by Nacon 2019 P2,000,000 P1,000,000 2020 5,000,000 1,500,000 The fair value of Maco's investment in Nacon securities is as follows: December 31, 2019, P2,700,000; December 31, 2020, P8,700,000. The amount to be recognized in Maco's 2019 profit or loss related to this investment 15 Previous