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How much should Hanz carry its investment in Eve

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Question - On January 2, 2020, Hanz Corporation bought 30% of the outstanding ordinary shares of Eve Corporation for P1,560,000 cash. Hanz accounts for this investment by the equity method. At the date of acquisition of the stock, Eve's net assets had a book and fair value of P5,200,000. Eve's net income for the year ended December 31, 2020 was P1,400,000. During 2020, Eve declared and paid cash dividends of P200,000. On December 31, 2020, how much should Hanz carry its investment in Eve?

Reference no: EM132923562

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