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How much should be pretax financial income subject to income

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Reference no: EM132753098

Dainty included the following items in pretax accounting income for 2014:

  1. Litigation loss estimated at P75,000 which will become tax deductible when settled in the Future.
  2. Goodwill impairment of P87,500 which will never be deductible for income tax purposes
  3. Revenue from an installment sale of P112,500, which will be recognized as part of taxable income as received over the next three years Pretax financial income is P437,500.

Problem 1: How much should be the pretax financial income subject to income tax?

Reference no: EM132753098

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