Alain company prepared draft financial statements that showe income before tax for the year ended December 31, 2021 at Pe The board of directors authorized the financial statements for March 20,2022. A manufacturing plant was destroyed by fire o 15, 2022 resulting in a financial loss of P2,500,000. Insurance property amounted to P4,000,000 and the claim was receive February 14, 2022. Repairs will start on April 2022. What amour reported as profit before tax in the financial statements? O 2500000 O 9000000
Alain company prepared draft financial statements that showe income before tax for the year ended December 31, 2021 at Pe The board of directors authorized the financial statements for March 20,2022. A manufacturing plant was destroyed by fire o 15, 2022 resulting in a financial loss of P2,500,000. Insurance property amounted to P4,000,000 and the claim was receive February 14, 2022. Repairs will start on April 2022. What amour reported as profit before tax in the financial statements? O 2500000 O 9000000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 3RE: In the current year, Madison Corporation had 50,000 of taxable income at a tax rate of 25%. During...
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