At the beginning of current year, Bliss Company

purchased 15% of green Company's outstanding ordinary

shares for

kaz Company is the largest single shareholder in Red

Company and kaz Company's officers are a majority on Red
Company's board of directors.
Red Company reported net income of P 1p,000,000 for the current year and paid
dividends of P 2,000,000.
What amount should be reported as investment in associate at year-end?