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Compute the total recovery of loss profits to be recognized

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Reference no: EM133003439

Problem 1: Teodoro is worried that his entire potato plantation, which is expected to yield P400, 000 income will be totally devastated by bad weather conditions. He obtained a P300, 000 crop insurance cover for P30, 000. Just before harvest, a rare frost totally destroyed Guilbert's plantation. The insurance company paid the policy proceeds. Compute the total recovery of loss profits to be recognized by Teodoro as income.

Reference no: EM133003439

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