Reference no: EM132775873

Information regarding Minnie Corporation's ordinary share investments for the year ended December 31, 20, is as follows:

1. On October 15, 2020, Minnie received a P200,000 cash dividend from Biggie Corporation, in which Minnie owns a 20% interest. A majority of Minnie's directors are also Directors of Biggie.
2. On November 30, 2020, Minnie received 20,000 shares of Mickey preferred stock. Mickey's P50 par value preferred stock was quoted at P80 on that date. Minnie's 100,000 common shares investment in Mickey which represents a 20% interest was quoted at P30.
3. Minnie owns a 5% interest in Daffy Corporation, which declared a P3,000,000 cash dividend on December 12 to stockholders of record on January 20, 2021, payable on February 10, 2021.

Problem 1: What amount should Minnie report as dividend income in its income statement for the year ended December 31, 2020?