MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for depreciation, net of tax (P750,000). How much is the true net income for 2020? A. P6,500,000 B. P7,200,000 C. P8,200,000 D. P8,700,000 E. answer not given
MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for depreciation, net of tax (P750,000). How much is the true net income for 2020? A. P6,500,000 B. P7,200,000 C. P8,200,000 D. P8,700,000 E. answer not given
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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MBA Corporation reported net income of P7,410,000 for 2020, which included the following items: Unrealized loss on financial assets at FVOCI (P540,000); Loss from fire (P1,400,000); Gain on early retirement of long term debt: P2,200,000; Gain from change in fair value attributable to credit risk of financial liability designated at FVPL : P500,000; Prior period adjustment for
A. P6,500,000
B. P7,200,000
C. P8,200,000
D. P8,700,000
E. answer not given
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