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What is the carrying value of stream investment

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Question - On Jan. 2, 2005, stream co. Acquired 25% of the 100,000 ordinary shares of cream company at a cost of php 1,070,000. The book value of cream company's net assets at the date of acquisition is php 3,960,000. The fair value of cream's net assets nd liabilities were approximately equal to the current carrying value except for depreciable plant and equipment. The fair value of the depreciable plant and equipment exceeded the carrying value by 320,000 php and had a remaining life of 4 years. During 2005, cream company reported net income of 850,000 php and paid cash dividends of 160,000 php. What is the carrying value of stream's investment as of Dec 31, 2005?

Reference no: EM133155499

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