Reference no: EM132791829
On January 1, 2020, Kosovo Company purchased 40% of the outstanding ordinary shares of an investment paying P2,560,000 when the carrying amount of the net assets of the investee equaled P5,000,000. The difference was attributed to equipment which had a carrying amount of P1,200,000 and a fair market value of P2,000,000, and to building with a carrying amount of P1,000,000 and a fair market value of P1,600,000.The remaining useful year of the equipment and building was 4 years and 12 years, respectively. During the current year, the investee reported net income of P1,600,000 and paid dividends of P1,000,000.
Problem 1: What is the carrying amount of the investment in associate on December 31, 2020?
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