DIRECTION: Use the problem to answer the requirements.

Glorious Company acquired 40% interest in an associate, Alta Company, for F5,000,000 on ]anuary 1,201+. At the acquisition date, there were no differences between fair value and carrying amount of identiable assets and liabilities. Alta Company reported the following net income and dividend for 2014 and 2015: Z.1&1015 Net income 2.000.000 3.000.000 Dividend paid aoonoo 1,000,000 The following transactions occurred between Glorious Company and Alta Company: a {lo Ianuary 1,201!\" Alta Company sold an equipment costing P500000 to Glorious Company for P300000. Glorious Company applied a 10% straight line depreciation. - 0n Iuly 1.2015. Alta Company sold an equipment for P000000 to Glorious Conipimv. The carrying amount of the equipment is F500.000 at the time of sale. The remaining life of the equipment Is 5 years and Glorious Company used the straight line depreciation . [in December 1.2015. mm Company sold an Inventory to Glorious Company for 132,300,000. The inventory had a cost of [32,000,000 and was still on hand on December 31,2015. Requirements: 1. What Is the investor's share in the prot of the associate for 2014-? What is the investor's share in the prot of the associate for 2015? IWhat is the carrying amount of the investment in associate on December 31. 2014? What Is the camping amount of the invesnnent in associate on December 31. 2015? PP!\