Gina Company reported income before tax of P3,500,000 for 2020 which included the following amounts: Equity in earnings of Perly Company - 40% 1,200,000 interest Dividend received from Perly Company 250,000 Adjustment of profit of prior year for artithmetical (1,500,000) error in depreciation Gain on sale of equity investment at FVOCI 500,000 Required: What amount should be reported as income before tax?

Gina Company reported income before tax of P3,500,000 for 2020 which included the following amounts: Equity in earnings of Perly Company - 40% 1,200,000 interest Dividend received from Perly Company 250,000 Adjustment of profit of prior year for artithmetical (1,500,000) error in depreciation Gain on sale of equity investment at FVOCI 500,000 Required: What amount should be reported as income before tax?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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