On January 1, 2030, ABS Co. acquired 70% of outstanding ordinary shares of Sky Inc. at a price of P1,000,000. ABS Co. incurred P200,000 cost related to acquisition. At acquisition date, the book value...

On January 1, 2030, ABS Co. acquired 70% of outstanding ordinary shares of Sky Inc. at a price of P1,000,000. ABS Co. incurred P200,000 cost related to acquisition. At acquisition date, the book value of net assets of Sky Inc. is P2,500,000 but building with useful life of 10 years is overstated by P500,000. For the year ended December 31, 2030, Sky Inc. reported net income of P350,000 and declared dividend in the amount of P100,000. The fair value of the Investment in Sky Inc. is measured at P1,700,000 on December 31, 2030.

1. Using the same data in number 6, in the separate financial statement of ABS Co., what is its income in relation to Investment in Sky Inc. for the year ended December 31, 2030 under these models?
   
   
   
   1. Equity method
   
   
   2. Cost method
   
   
   3. Fair Value Model through P/L
   
   
   4. Fair Value Model through OCI