Reference no: EM133144827

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 3,504,989

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?