Extracted text: On January 1, 2020, Jam Company reported as long-term investments the following unquoted equity shares: ar at Dale Company, 5,000 ordinary shares (1% interest) Ever Company, 10,000 ordinary shares ( 2% interest) Fox Company, 25,000 ordinary shares (10% interest) 1,250,000 1,600,000 2,000,000 T 3 1. On May 1, 2020, Dale Company issued a 10% share dividend. 2. On November 1, 2020, Dale Company paid a cash dividend of P20 per share. 3. On January 1, 2020, Jam Company paid P5,000,000 for 50,000 additional ordinary shares of Fox Company which represented a 20% investment in Fox Company. The fair value of all of Fox's identifiable assets net of liabilities was equal to their carrying amount of P20,000,000. Jam Company's initial 10% interest of 25,000 ordinary shares of Fox Company was acquired on January 1, 2019 for P2,000,000. The 10% interest was accounted for unler cost method. On January 1, 2020, this 10% existing interest had a fair value of P2,400,000. Fox Company reported net income of P6,000,000 for 2020, and paid dividend of P20 per share on December 31, 2020. Required: a. Compute the goodwill arising from acquisition on January 1, 2020. b. Prepare journal entries for 2020. Present the investments in equity securities on December 31, 2020. с. 512