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Use the following information for the next three questions. Allapacan Company bought 20% of Amulung Corporation's ordinary shares on January 1, 2020 for P20,000,000. Carrying amount of Amulung's net assets at purchase date totaled P60,000,000. Fair value and carrying amounts were the same for all items except for plant and inventory, for which fair values exceed their carrying amounts by P15,000,000 and P5,000,000 respectively. The plant has a 5-year life. All inventory was sold during 2020. Goodwill, if any, has an indefinite life. During 2020, Amulung reported profit of P40,000,000 and paid P15,000,000 cash dividends. 7. What amount should Allapacan report as investment income for 2020? a. P6,200,000 c. P6,400,000 b. P3,400,000 d. P7,600,000 9. On January 1, 2019 Ballesteros Company acquired 10% of the outstanding voting stock of Buguey Company. On January 1, 2020, Ballesteros gained the ability to exercise significant influence over financial and operating control of Buguey by acquiring 30% of Buguey's outstanding stock. The two purchases were made at prices proportionate to the value assigned to Buguey's net assets, which equaled their carrying amounts. For the years ended December 31, 2019 and 2020, Buguey reported the following: 2019 2020 Net income P8,000,000 P15,000,000 Dividends paid 5,000,000 10,000,000 In 2020, what amounts should Ballesteros report as current year investment income and as an adjustment to 2019 income, respectively? a. P6,000,000 and P800,000 b. P6,000,000 and Nil c. P4,500,000 and P300,000 d. P4,500,000 and P800,000 10. Which of the following increases the investment account under the equity method of accounting? a. Decreasing the market price of the investee's stock. b. Dividends paid by the investee that were declared in the previous year. C. Net loss of the investee company. d. None of the above