What is the carrying amount of the investment in associate on December 31, 2020
On June 1, 2019, BERRY acquired a 10% interest in an investee for ₱2,400,000. The investment was accounted for using the cost method. On January 1, 2020, BERRY acquired a further 15% interest in the investee for ₱5,400,000. On such date, the carrying amount of the net assets of the investee was ₱28,800,000 and the fair value of the 10% interest was ₱3,600,000. The fair value of the net assets of the investee is equal to carrying amount except for an equipment whose fair value exceeds carrying amount by ₱3,200,000. The equipment has a remaining life of 5 years. The investee reported net income of ₱6,400,000 for 2020 and paid dividend of ₱4,000,000 on December 31, 2020. What is the carrying amount of the investment in associate on December 31, 2020?
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