On January 2, 20x1, Reynolds Corporation bought 15 percent of Scorpio Corporation's capital stock for P60,000 and classified it as fair value through other comprehensive income securities. Scorpio's profits for the years ended Dec. 31, 20x1 and 20x2 were P20,000 and P100,000, respectively. During 20x2, Scorpio declared a dividend of P140,000. No dividends were declared in 20x1. On Dec.31 20x2, the fair value of the Scorpio stock owned by Reynolds had increased to P90,000. How much should Reynolds show on its 2002 income statement as income from this investment?

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