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Compute the total income of pines corporation subject

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Reference no: EM133003452

Pines Corporation has a branch in Manila and a 70%-owned subsidiary, Choco Hills, Inc. in Davao.

The following data shows Pines Corporation's sales transactions during the year:

Pines Corporation billed the Manila branch P1, 500,000 for merchandise shipped to the latter at a mark-up of 50% above acquisition cost. The branch stored the merchandise and did not operate during the year.

Sold merchandise to unrelated parties at a gain of P800,000

Sold merchandise to Darrel Asuncion, Pines Corporation's controlling stockholder, at again of P100,000

Sold various merchandise to Choco Hills, Inc. at a gain of P200,000

Problem 1: Compute the total income of Pines Corporation subject to income tax.

Reference no: EM133003452

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