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What is maximum amount which could be included in income

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Question - On March 31, Bolivia Company purchased 40% of the outstanding ordinary shares of an associate for P4,000,000. On this date, the investee's net assets totaled P8,000,000 and Bolivia Company cannot attribute the excess of cost of the investment over the equity in the investee's net assets to any particular factor. The investee reported net income of P1,000,000 for the current year. What is the maximum amount which could be included in Bolivia Company's income before tax to reflect its "equity in earnings of the investee" for the current year?

Reference no: EM132829640

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