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 Mr. Marangley will choose whichever favourable permissible income reporting method for him. How much gross income is to be reported in 2020? P400,000 P116,667 P250,000 P108,219

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