Reference no: EM133133536
Question - The related data of Archangel Company:
Cost of goods sold P 1,875,200
Dividends income 50,000
Income from discontinued operations 28,500
Income tax expense 357,800
Interest income 9,000
Net re-measurement gain 57,600
Sales 3,920,000
Sales discount 30,000
Sales returns and allowances 25,000
Selling and administrative expenses 500,800
Additional information (not included above): At the beginning of the year, the entity issued bonds payable with a face amount of P2,000,000 for P1,920,000.
The nominal rate of the bonds is 12% and the entity irrevocably designated the fair value option.
At year-end, the fair value of the bonds payable is P1,985,000 wherein, P30,000 is due to other than credit risk.
Required -
1. How much is the net income?
2. How much is the comprehensive income?
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