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What is the balance in the investment account

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Question - Fox Corporation purchased 25 percent of Down Company's stock in January 1, 2020 for P 600,000. At the acquisition date, Down has equipment with a market value of P 250,000 greater than book value. On that date, Fox Corporation gives the ability to have joint control with another entity over Down Company. The equipment has an estimated remaining life of 10 years. In 2020, Down has net income of P 320,000 and pays P 80,000 of dividends. What is the balance in the investment account on Fox's financial records at the end of 2020?

Reference no: EM132571295

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