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Problem 1: On September 1, 2020, Tender Company purchased 30% of the outstanding ordinary shares of Care Corporation for P3,000,000 when the book value of net assets of Care Corporation was P9,000,000. The fair values of the assets are equal to their carrying values except for a land which was undervalued by P1,000,000. Care reported net earnings throughout the year in the amount of P2,400,000 and paid total dividends of P1,000,000. What is the maximum amount of income Tender Company could include in its 2020 profit or loss as "income from investment"?
a) P207,500 c) P237,500
b) P235,000 d) P240,000
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