Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock which constitutes 10% of Martin Corporations' voting stock on June 30, 2009 for P42 per share. Phillips Corporation's intent is to keep these shares beyond the current year. On December 20, 20x9, Martin Corporation paid a previously declared P4,000,000 cash dividend. On December 31, 20x9, Martin Corporation's stock was trading at P45 per share and their reported 20x9 net income was P52 million. What value will be reflected on Phillips' balance sheet at December 31, 20x9? On January 1, 20x9. Calas Company acquired 40% of the outstanding voting stock of Nick Company as a long-term investment. On December 31, 20x9, Nick Company reported net income of P10,000 and dividends declared and paid of P4,000. For the year ended December 31, 20x9, Calas Company should report "Income from investee earnings of