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What amount should be reported as pre-tax gain for the year

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Question - During the latter part of the year, Howl Company won a litigation award for P1,500,000 which was tripled to P4,500,000 to include punitive damages. The defendant, who is financially stable, has appealed only the P3,000,000 punitive damages.

The company was awarded P5,000,000 in an unrelated suit it filed, which is being appealed by the defendant. Counsel is unable to estimate the outcome of these appeals. What amount should be reported as pre-tax gain for the year?

Reference no: EM133111703

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