Solution-What amount should be reported as adjusted net

What amount should be reported as adjusted net income

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Reference no: EM133137818

Question - An entity reported net income of P5,050,000 for the current year. A good employee raised questions about the following amounts that had been included in net income:

Unrealized loss on equity investments at fair value through other comprehensive income (P650,600)

Gain on early retirement of bonds payable 3,504,999

Adjustment of profit of prior year for error in depreciation, net of tax effect (840,600)

Loss from fire (1,600,400)

Gain from change in fair value attributable to the credit risk of financial liability designated at fair value through profit or loss 650,200

Required - What amount should be reported as adjusted net income?

Reference no: EM133137818

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What amount should be reported as adjusted net income

Reference no: EM133137818

Reference no: EM133137818

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