Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: Net income reported for the year by the associate was P2,500,000....

Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events:

 Net income reported for the year by the associate was P2,500,000. Adjust net income with data from the following:

Dividends declared by X is P2,000,000. It has 90,000 6%, P100-par value preference shares outstanding which are cumulative and participating. No dividends were declared in the previous year.