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What amount be reported by Tenacious as investment income

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Reference no: EM133117881

Question - On January 1, 2017, Tenacious Company acquired as a long term investment for P5,600,000 a 40% interest in an investee when the fair value of the net assets was P14,000,000. The investee reported the following results of operation:

2017 (4,000,000)

2018 (5,600,000)

2019 (6,400,000)

2020 3,200,000

Required - What amount should be reported by Tenacious as investment income for the year 2020?

Reference no: EM133117881

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