D 1.5 pts Question 28 Last company has an investment in associate amounting to P52,000 as of December 31, 2019. This consists of 52,000 shares of investment which gives Last 20% ownership over the outstanding ordinary shares of the associate. On January 1, 2020, the associate issued 40,000 new and additional shares resulting to an increase in the outstanding ordinary shares. The new shares were offered to the existing shareholders of the associate including Last company. For some reasons, Last didn't acquire the new shares and the shares were sold to other shareholders. As of December 31, 2020, the net income of the associate is P1,500,000 and the share is traded in stock exchange at P1.50 per share. How much should this investment be presented in Last's 2020 financial statements