MK collected P3,000,000 from the fire insurance company that insured his buliding which had a tax basis of P2,300,000 when the fire occurred. During the same period, he also collected P500,000 crop insurance proceeds pertaining to his crops destroyed by frost. Compute for the total item of gross income.

MK collected P3,000,000 from the fire insurance company that insured his buliding which had a tax basis of P2,300,000 when the fire occurred. During the same period, he also collected P500,000 crop insurance proceeds pertaining to his crops destroyed by frost. Compute for the total item of gross income.

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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