Jungle’s net income/loss for 2024?

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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Jungle Company’s account balances during 2024 showed the following changes, all increases:

Total asset

3,600,000

Total liabilities

1,100,000

Ordinary share capital

2,400,000

Share premium

240,000

 

The retained earnings were affected by the following transactions; cash dividend of P520,000, property dividend of P480,000; a debit adjustment as a result of change in accounting policy of P200,000 and a credit adjustment as a result of a prior period error of P170,000. How much is Jungle’s net income/loss for 2024?

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