On Jan. 1, 2020, ABC bought 250,000 shares of XYZ Corporation for P8,000,000. All 1,000,000 P20-par shares of XYZ were issued and outstanding. The net assets were valued at P32,000,000 but they were carried in the accounting books at P30,000,000. The difference is attributable to an equipment that has a useful life of 4 years. Details relating to XYZ for the years 2020 and 2021 are as follows:
What is the balance of the Investment in Associate as of Dec. 31, 2021?
Extracted text: 2020 2021 Total P 3,000,000 P4,000,000 P 7,000,000 Net Income Gross Profit from Upstream Sales (2020 – 30% remain unsold, 2021 – 40% remain unsold as of their respective years but sold in the subsequent) 200,000 100,000 P300,000 Dividends Declared P 2,000,000 P 2,500,000 P 6,500,000 P 20,000,000 P 20,000,000 Share Capital, Ordinary Shares Share Capital, 8% Cumulative, Nonparticipating Preference Shares Total Share Capital -0- 4,000,000 P20,000,000 P24,000,000