On January 2, 2020, Damp Company purchased 20% of Pilot Company's ordinary shares for P4,500,000.During 2020, Pilot reported net income of P4,000,000 and paid cash dividends of P3,000,000 on its ordinary share.What is the balance in Damp's "Investment in Pilot" account and the amount of income from investment on December 31, 2020, respectively?

P4,700,000 and P800,000

P4,300,000 and P200,000

P4,400,000 and P200,000

P4,500,000 and P800,000

On January 1, 2019, Dania Corp. acquired 10% of the outstanding stock of Penny, Inc.On January 2, 2020, Dania gained the ability to exercise significant influence over financial and operating control of Penny by acquiring an additional 20% of Penny's outstanding stock.The two purchases were made at a prices proportionate to the value assigned to Penny's net assets, which equaled their carrying amounts.For the years ended December 31, 2019, and 2020,Penny reported the following:

20192020

DividendsP200,000P300,000

Net income600,000650,000

In 2020, what amount should Dania report as current year investment income and an adjustment, before income taxes to 2019 investment income?

2020 investment incomeadj. to 2019 investment income

195,000 -0-

P195,000 P160,000

195,000 100,000

195,000 40,000

Darwin , Inc., acquired 30% of Sonnet Company's voting stock for P200,000 on January 2, 2018.Darwin's 30% interest is Sonnet gave Darwin the ability to exercise significant influence over Sonnet's operating and financial policies.During 2019, Sonnet earned P80,000 and paid dividends of P50,000.Sonnet reported earnings of P100,000 for the 6 months ended June 30, 2020 and P200,000 for the year ended December 31, 2020.On July 1, 2012, Darwin sold half of its stock in Sonnet for P150,000 cash.Sonnet paid dividends of P60,000 on October 1, 2020.Before income taxes, what amount should Darwininclude in its 2019 income statement as a result of this investment?

P24,000

P15,000

P50,000

P80,000