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Question - Vision bought 40% of Thanos' outstanding ordinary share on January 2, 2020 for P4,000,000. The carrying amount of Thanos' net assets at the purchase date totaled P9,000,000. Fair values and carrying amount were the same for all items except for plant and inventories for which the investor shared on the fair values that exceeded their carrying amounts by P900,000 and P100,000, respectively. The plant has an 18-year life. All inventories were sold during 2020. During 2020, Thanos reported profit of P1,200,000 and paid a P200,000 cash dividend.
Required -
1. What amount should Vision report as income in its investment in Thanos for the year ended December 31, 2020?
2. What is the investment carrying value reported in Vision's statement of financial position at December 31, 2020?
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