30. Alberto is insured in a P 1,000,000 life insurance policy with annual premium payments of P20,000 for 10 years. If Alberto outlives the policy after the 10th year, he will be paid P500,000 maturity value. Alberto died in the 8th year of coverage and his heirs collected the P1,000,000 proceeds. How much will be exempt from regular income tax * a. P840,000 O b. P 1,000,000 O c. P 500,000 d. 0

30. Alberto is insured in a P 1,000,000 life insurance policy with annual premium payments of P20,000 for 10 years. If Alberto outlives the policy after the 10th year, he will be paid P500,000 maturity value. Alberto died in the 8th year of coverage and his heirs collected the P1,000,000 proceeds. How much will be exempt from regular income tax * a. P840,000 O b. P 1,000,000 O c. P 500,000 d. 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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R2
Ef 425.
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