PROBLEM 4: MULTIPLE CHOICE-COMPUTATIONAL 1. On Jan. 1, 20x1, White Co. acquired 25,000 shares of Black Co. for P900,000. Black has 100,000 total outstanding shares. Black's assets and liabilities approximate their fair values. In 20x1, Black reported profit of P2,000,000, declared and paid cash dividends of P600,000, and reported property revaluation decrease of P80,000. In its financial statements for the year ended Dec. 31, 20x1, how much should White Co. report as share in the associate's profit and investment in associate, respectively? a. 500,000; 1,170,000 c. 500,000; 1,230,000 b. 480,000; 1,270,000 d. 500,000; 1,270,000