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On June 30, 2020, Ecuador Company purchased 30,000 shares of Quito Companys 100,000 outstanding ordinary shares for P200 per share. On December 1, 2020 Quito

On June 30, 2020, Ecuador Company purchased 30,000 shares of Quito Companys 100,000 outstanding ordinary shares for P200 per share. On December 1, 2020 Quito Company paid P1,000,000 in dividends. Quito Companys net income for 2020 was P5,000,000 earned evenly throughout the year. What amount of income from the investment should be reported for the current year?

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