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Problem 17-10 (AICPA Adapted) At the beginning of current year, Mighty Company acquired 20% of the outstanding ordinary shares of an investee for P7,000,000. This investment gave Mighty Company the ability to exercise significant influence over the investee. The carrying amount of the acquired net assets was P6,000, 000. The excess of cost over carrying amount was attributed to an identifiable intangible asset which was undervalued on investee's statement of financial position and which had a remaining useful life of ten years. The investee reported net income of P1,800,000 for the current year and paid cash dividend of P600,000 on the ordinary shares. What is the carrying amount of the investment in associate at year-end? 6,780,000 b. 7,140,000 7,000,000 d. 6,900,000 . c. Problem 17-11 (AICPA Adapted) On July 1, 2019, Focus Company purchased 30,000 shares of Eagle Company's 100,000 outstanding ordinary shares for P200 per share. On December 15, 2019, Eagle Company paid P1,000,000 in dividends. Eagle Company's net income for 2019 was P5,000,000 earned evenly throughout the year What amount of income from the investment should be reported for the current year? 500,000 b. 300,000 c. 750,000 . 150,000 a. 449