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What amount should solenn company report

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Reference no: EM132652697

Question - ASSOCIATE HAVING HEAVY LOSSES

On January 1, 2015, Solenn Company acquired as a long-term investment for P1,400,000, a 40% interest in Lovie Company when the fair value of Lovie's net asset was P3,500,000. Lovie Company reported the following net losses:

2015 - 1,000,000

2016 - 1,400,000

2017 - 1,600,000

2018 - 800,000

On January 1, 2017, Solenn Company made cash advances of P400,000 to Lovie Company. On December 31, 2018, it is not expected that Solenn Company will provide further financial support for Lovie Company.

REQUIRED - What amount should Solenn Company report in 2018 as loss from investment?

Reference no: EM132652697

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