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What amount should be reported as profit before tax

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Question - Matino company, a manufacturing company, prepared draft financial statements that showed the income before tax for the year ended December 31, 2021 at P9,000,000. The board of directors authorized the financial statements for issue on March 20,2022. One of its manufacturing plant was destroyed by fire resulting to a damage amounting to P7,000,000 where P4,000,000 was covered by insurance of which claim was received on February 14, 2022. Repairs will start on April 2022. What amount should be reported as profit before tax in the financial statements?

a. 2,500,000

b. 9,000,000

c. 4,000,000

d. 6,000,000

Reference no: EM133154919

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