Reference no: EM133176169
Question - The following items are taken from the records of Ayala Corp. for 2022.
Profit for the year, P1,470,000 (net of 30% income tax)
Payment for purchase of land, P400,000
Payment for retirement of bonds, P600,000
Depreciation expense, P750,000
Proceeds from issuance of ordinary shares, P700,000
Loss on retirement of bonds, P12,500
Income from investment in associates, P480,000
Unrealized gain on equity investments at fair value through profit or loss, P13,000
Patent amortization expense, P270,000
Interest expense, P100,000 (This amount includes amortization of discount on bonds payable prior to its retirement in the amount of P14,500)
Increase in accounts receivable, P340,000
Payment of dividends, P500,000
Decrease in accounts payable, P26,000
Decrease in notes payable, P180,000 (This amount includes payment of notes payable to bank of P150,000)
Decrease in interest payable, P18,000
Increase in income tax payable, P60,000
Required - What is the amount of net cash generated from operating activities reported in Ayala's 2022 statement of cash flows, excluding interest and taxes?