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On January 1, 2020, Guyana acquired 25% of the ordinary shares of an associate for P10,000,000. On this date, the identifiable assets and liabilities of the associate were measured at fair value and there is no goodwill arising from the acquisition.
The profits and (losses) made by the associate over the first 5 years of operation were :
2020 (2,000,000);
2021 (20,000,000);
2022 (24,000,000);
2023 4,000,000;
2024 5,000,000.
Problem 1: What is the investment income in 2024?
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