On January 1, 2013, HAYDEN Company acquired

50,000 ordinary shares of another entity for a total

consideration of P5,000,000. On October 1, 2013,
the entity received from the investee a preference
stock dividend of one share for every 5 ordinary
shares held. On this date, the market price of the
investee’s ordinary share was P140 and the market
price of the investee’s preference share was P100.
What amount should be reported as investment in
preference shares?