Use the following information for questions 9 and 10. Garrison Co. owns 20,000 of the 50.000 outstanding shares of Steele, Inc. common stock. During 2018, Steele earns P800,000 and pays cash dividends of P640,000 9. If the beginning balance in the investment account was P500,000, the balance at December 31, 2018 should be 10. Garrison should report investment revenue for 2018 of Use the following information for questions 11 and 12 Karter Company purchased 200 of the 1,000 outstanding shares of Flynn Company's ordinary shares for P300,000 on January 2, 2017. During 2017, Flynn Company declared dividends of P50,000 and reported earnings for the year of P200,000. 11. If Karter Company used the fair value method of accounting for its investment in Flynn Company, its Investment in Flynn Company account on December 31, 2017 should be 12. I Karter Company uses the equity method of accounting for its investment in Flynn Company, its Investment in Flynn Company account at December 31, 2017 should be Use the following information for questions 13 and 14 Barry Corporation earns P240,000 and pays cash dividends of P80,000 during 2017. Glenon Corporation owns 3,000 of the 10.000 outstanding shares of Barry 13 What amount should Glenon show in the investment account at December 31, 2017 if the beginning of the year balance in the account was P320,000? 14. How much investment income should Glenon report in 2017? 15. Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2016 for P945,000. During 2017 Tomlin had net income of P600,000 and paid cash dividends of P150,000. At December 31, 2017, the balance in the investment account should be