2. On January 1, 2017 OR Company established significant influence over K&K Railroad by acquiring 60,000 ordinary shares, a 30% interest, for The book value Of was on January 1, 2017. Since this purchase K&K earned income and paid dividends as follows: Year 2017 2018 Net Income 180,000 310,000 Dividends 100,000 140,000 The market value per share on K&K ordinary shares on December 31, 2017 and 2018 was P8 and P9, respectively. The OR incorrectly accounted for this investment as if significant influence had not been established. As a result of incorrectly applying accounting principles, the financial statements of the OR Company are incorrect. At December 31, 2017 the Net Investment in K&K Railroad is overstated or understated by how many pesos). At December 31, 2018 the Net Investment in K&K Railroad is by P by P (the account is At December 31, 2017 the Net Income is understated and by how much). At December 31, 2018 the Net Income is by P by P (state whether the account is overstated or