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Question - P purchased 100% of the common stock of the 3 Company on January 1, 2003 for P500,000. On that date the stockholders' equity of S was P380,000. On the purchase date, inventory of S which was sold in 2003, was understated by P20,000. Any remaining excess of cost over book value is attributable to goodwill with a 20-year life. The reported income and dividends paid by 3 Company were as follows:
2003
2004
Net income
P80,000
P90,000
Dividends paid
P10,000
Required -
1. Using the equity method. how much is the investment income for 2003?
2. Using the equity method, how much is the investment account as of 12/31/2003?
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