45 Investments 1N 2. On Sept. 1, 20x1, Lone Co. acquires 35% of the 100,000 2. On outstanding shares of Social Co. for P1,200,000. Social Co.'s net identifiable assets are fairly valued on this date....

Extracted text: 45 Investments 1N 2. On Sept. 1, 20x1, Lone Co. acquires 35% of the 100,000 2. On outstanding shares of Social Co. for P1,200,000. Social Co.'s net identifiable assets are fairly valued on this date. In 20x1. Social Co. reports profit of P1,500,000 and declares and pays cash dividends of P600,000. For the year ended Dec. 31, 20x1, how much should Lone Co. report as share in the associate's profit and investment in associate, respectively? c. 175,000; 1,165,000 d. 210,000; 1,200,000 c. 350,000; 1,340,000 d. 131,250; 1,121,250 3. On Jan, 1, 20x1. Ice Co acquired 25.000 newly issued shares of