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Question - Sushi Inc. is completing the preparation of the draft financial statement for the year ended December 31, 2021. The financial statements are authorized for issue on March 31, 2022 On January 31, 2022, a dividend of P3,000,000 was declared and a contractual profit share payment of of P1,000,000 was made both based on the profit for the year ended December 31, 2021 On February 15, 2022, a customer went into liquidation having owed the entity P500,000 for the past 5 months. No allowance had been made agains this debt in the draft financial statements. On March 1, 2022, a manufacturing plant was destroyed by fire resultin in a financial loss of P2,500,000.
What total amount should be recognized in profit or loss of Sushi Inc. for the year ended December 31, 2021 to reflect adjusting events?
a. 4,500,000
b. 3,000,000
c. 2,500,000
d. 1,500,000
Payroll tax withheld is $542.00. Company payroll tax is $321.00. What is the total company expense on the Profit and Loss Statement
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