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How much did Promenade pay for its investment in Twilight

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Question - On January 2, 2020, Promenade Company purchased 25% of Twilight Company's ordinary shares; no goodwill resulted from the purchase. Promenade appropriately carries this investment at equity and the balance in Twilight's investment account was P3,800,000 at December 31, 2020. Twilight reported net income of P2,400,000 for the year ended December 31, 2020 and paid dividends amounting to P960,000 during 2020. How much did Promenade pay for its investment in Twilight?

Reference no: EM132793122

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