On June 30, 2021, Line Company incurred a P100,000 net loss from disposal of a business segment. Also, on June 30, 2021, the entity paid P40,000 for property taxes assessed for 2021. What amount should be included in the determination of net income or loss for the six-month interim period ended June 30, 2021? A. 90,000 B. 100,000 C. 140,000 D. 120,000
On June 30, 2021, Line Company incurred a P100,000 net loss from disposal of a business segment. Also, on June 30, 2021, the entity paid P40,000 for property taxes assessed for 2021. What amount should be included in the determination of net income or loss for the six-month interim period ended June 30, 2021? A. 90,000 B. 100,000 C. 140,000 D. 120,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, 2021, Line Company incurred a P100,000 net loss from disposal of a business segment. Also, on June 30, 2021, the entity paid P40,000 for property taxes assessed for 2021. What amount should be included in the determination of net income or loss for the six-month interim period ended June 30, 2021?
A. 90,000
B. 100,000
C. 140,000
D. 120,000
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