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Problem 17-12 (AICPA Adapted) On January 1, 2019, Bliss Company purchased 10% of Red Company's outstanding ordinary shares for P4,000,000 Bliss Company is the largest single shareholder in Red Company and Bliss Company's officers are a majority on Red Company's board of directors. Red Company reported net income of P5,000,000 for the current year and paid dividends of P1,500,00O. On December 31, 2019, what amount should be reported investment in associate? as 4,350,000 b. 4,500,000 4,000,000 d. 3,850,000 a. c. Problem 17-13 (AICPA Adapted) On January 1, 2019, Small Company purchased 25% of Big Company. No "excess" resulted from the purchase. Small Company appropriately carried this investment at equity and the carrying amount of the investment was P1,900,000 on December 31, 2019. Big Company reported net income of P1,200, 000 for the current year and paid cash dividend of P480,000 on December 31, 2019. What amount did Small Company pay for the 25% interest in Big Company? a. 2,320,000 b. 2,020,000 c. 2,080,000 d. 1,720,000