In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, inclusive or under the following terms: July 1, 2020-as down payment  P100,000 Monthly installment thereafter 50,000  In the immediately preceding problem, assuming Mr. Marangley is not a dealer of car, how much gross income is to be reported in 2020? How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219

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