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On January 1, 20x1

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On January 1, 20x1. PATRIMONY Co. entered into a joint arrangement classified as a joint venture. For an investment of P2.000,000, PATRIMONY Co. obtained 30% interest in HERITAGE Joint Venture, Inc. During the year, HERITAGE Joint Venture, Inc. reported profit of P4,000,000 and other comprehensive income of P800,000, i.e., a total comprehensive income of #4,800,000. HERITAGE Joint Venture, Inc. declared dividends of P2,400,000. How much is the carrying amount of the investment in joint venture on December 31, 20x1?

a. 2,000,000

b. 2,480,000

c. 2,720,000

d. 4,160,000