Problem 17-1 (AICPA Adapted) Boorish Company acquired a 30% interest for P5,000,000 on January 1, 2020. This cost exceeds the underlying net assets of the investee by P1,000,000 which is attributed to an undervalued equipment by the investee with useful life of five years. The investee reported the following information for 2020 and 2021. 2020 2021 Required: Net income 4,000,000 6,000,000 Dividends paid 3,000,000 5,000,000 Prepare journal entries on the books of Boorish Company from January 1, 2020 to December 31, 2021.