Helpp, can someone help me answer this question please. Thank you!

40% of the outstanding ordinary shares of an investee paying P2,560,000 when the carrying amount of the net assets of The difference was attributed to equipment which had a carrying amount of P1,200,000 and a fair market value of At the beginning of current year, Magic Company purchased the investee equaled P5,000,000. P2,000,000, and to building with a carrying amount of P1,000,000 and a fair market value of P1,600,000. The remaining useful life of the equipment and building was 4 years and 12 years, respectively. During the current year, the investee reported net income of P1,600,000 and paid dividends of P1,000,000. In the 2 income statement for the year ended December 31, what amount of income should be reported from the investment? * Your