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Find what amount did small company pay for interest

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Problem 1: On January 1, 2020, Small Company purchased 25% of Big Company. NO "excess" resulted from the purchase. Small Company appropriately carried this investment at equity and the carrying amount of the investment was P 1,900,000 on December 31, 2020. Big Company reported net income of P 1,200,000 for the current year and paid cash dividend of P 480,000 on December 31, 2020. What amount did small Company pay for the 25% interest in Big Company?

A. P 2,320,000
B. P 2,020,000
C. P 2,080,000
D. P 1,720,000

Reference no: EM132818333

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