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What amount should be reported as profit before tax

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Question - Elysee Company's draft financial statements showed the profit before tax for the year ended December 31, 2013 at P9,000,000. The board of directors authorized the financial statements for issue on March 20, 2014. A fire occurred at one of Elysse's sites on January 15, 2014 with the resulting damage costing P7,000,000, only P4,000,000, of which is covered by insurance. The repairs will take place and be paid for in April 2014.

The 4,000,000 claim from the insurance entity will however be received on February 14,2014.

What amount should be reported as profit before tax in Elysee's financial statements?

A. 2,000,000

B. 9,000,000

C. 4,000,000

D. 6,000,000

Reference no: EM132521117

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