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What amount should reported as profit before tax in elysee

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Reference no: EM132744475

Problem 1: Elysee company draft financial statements showed the profit before tax for the year ended 12/31/2013 at 9,000,000. The board of directors authorized the financial statements for issue on March 20, 2014. A fire occurred at one of Elysee's sites on 1/15/2014 with resulting damage costing 7,000,000, only 4,000,000 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?

Reference no: EM132744475

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