Reference no: EM132811069
Problem 1: At the beginning of current year, Magic Company purchased 40% of the outstanding ordinary shares of an investee 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 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 life 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. What is the carrying amount of the investment in associate at year-end?
Option 1: 2,550,000
Option 2: 2,700,000
Option 3: 2,800,000
Option 4: 3,050,000
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