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On April 1, 20x1, ABC Company acquired as a long-term investment a 20% ordinary share...

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Accounting

On April 1, 20x1, ABC Company acquired as a long-term investment a 20% ordinary share interest in DEF Company. ABC paid 7,000,000 for this investment. For the year ended December 31, 20x1, the investee reported net income of P4,000,000 and declared and paid cash dividends of P1,600,000. 



What is the balance of the investment account at year end?

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