THIEF Corporation

On July 1, 2020, THIEF Corporation paid P1,000,000 for 100,000 outstanding shares which represents 40% of total outstanding shares of Ashley Company. At that date, the net assets of Ashley totaled 2,500,000 and the fair values of all Ashley's identifiable assets and liabilities were equal to their carrying amount. During 2020, Ashley reported net income of 500,000, of which 300,000 was for the six months ended December 31, 2020. Ashley also paid cash dividends of 250,000 during 2020.

During 2021, Ashley reported net income of 500,000 and it also did not pay cash dividends during that year. As of the end of 2021, impairment indicators were found to be present and THIEF assessed that the investment in Ashley is impaired. Based on THIEF's calculations, the value in use (VIU) as of the end of 2021 is 900,000 while the fair value less cost of disposal as of the end of 2021 is 890,000. Accordingly, an impairment loss was recognized at the end of 2021.

Question 1: How much is the net investment income of THIEF during 2020?

Question 2: How much is the carrying amount of investment in associate at the end of 2020?

Question 3: How much is the carrying amount of investment in associate at the end of 2021?

Question 4: How much is the recoverable amount of investment in associate at the end of 2021?

Question 5: How much is the impairment loss arising from investment in associate during 2021?