Dividends from associate

Hello Sir,

Can you see how the dividends was treated in this example

my solution is

cost of associate 1m
Profit 4m x 30% 1.2m
impairment of goodwill ( .7m)
dividends received (.3m)
associate value 10.2m

but in the solution for the question they have a different way

Can you please tell which one is the correct,

Thanks

Q

257 On 1 February 20X3 Pinot Co acquired 30% of the equity shares of Noir Co, its only associate, for $10 million in
cash. The profit for the year of Noir Co for the year to 30 September 20X3 was $6 million. Profits accrued evenly
throughout the year. Noir Co made a dividend payment of $1 million on 1 September 20X3. At
30 September 20X3 Pinot Co decided that an impairment loss of $700,000 should be recognised on its
investment in Noir Co.
What amount will be shown as ‘investment in associate’ in the statement of financial position of Pinot Co as
at 30 September 20X3?

Answer

257
$10,200,000
(000)

Cost of investment 10,000
Share of post-acquisition profit (6,000 × 8/12) – 1,000) × 30% 900
Impairment (700)
10,200