Well Co. had net income of $400,000 and paid dividends of P200,000 during the year 2017. Well Co.'s stockholders' equity on December 31, 2016 and December 31, 2017 is summarized as follows: Dec. 31, 2016 Dec. 31, 2017 10% cumulative preferred stock, P100 par P 300,000 P 300,000 Common stock, P1 par 1,000,000 1,000,000 Additional paid-in capital 2,200,000 2,200,000 Stockholders' Equity Retained earnings 500,000 700,000 P4,000,000 P4,200,000 On January 2, 2017, lew Co. purchased 400,000 common shares of Well Co. at P4 per share and also paid P50,000 direct cost of acquiring the investment. Lew company uses equity method in accounting for its investment in Well Company. REQUIREMENTS: Lew Co.'s income from Shine for 2017 should be: The balance of the investment in Well Company account at December 31, 2017 should be