3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an officer where Pagadian is ti beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accru interest P300,000 increase in value of investment in stocks
3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an officer where Pagadian is ti beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accru interest P300,000 increase in value of investment in stocks
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1BCRQ
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Compute for the gross income under accrual basis.
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