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1. JP Inc. bought 30% of Mark Company on January 1, 2013 for P450,000. The equity method of accounting was used. The book value and fair value of the net assets of Mark on that date were P1,500,000. Mark began supplying inventory to JP as follows: Cost to Transfer Amount Held by Year Mark Price JP at Year-End 2013 P30,000 P45,000 P 9,000 2014 P48,000 P80,000 P20,000 Mark reported net income of P100,000 in 2013 and P120,000 in 2014 while paying P40,000 in dividends each year. QUESTION: What is the Equity in Mark Income that should be reported by JP in 2014