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What amount should be report as net income

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Reference no: EM132769536

Lake Company reported P950,000 net income for the quarter ended September 30, 2019 which included the following after tax items:

  1. A P600,000 expropriation gain, realized in April 30, 2019, was allocated equally to the second, third and fourth quarters of 2019.
  2. A P160,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 1, 2019.

Problem 1: In addition, the entity paid P480,000 on February 1, 2019 for 2019 calendar-year property taxes. Of this amount, P120,000 was allocated to the third quarter of 2019. For the quarter ended September 30, 2019, what amount should be report as net income?

a. 910,000

b. 1,030,000

c. 1,110,000

d. 1,150,000

Reference no: EM132769536

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