onwoo Company secure a fire insurance covering the entire PHP 2,000,000 fair value of its office building. The building 'was completely destroyed by fire when the depreciated cost (tax basis) of the building was PHP 1,800,000. Wonwoo recovered the PHP 2,000,000 insurance proceeds. How much is item of gross income? A. PHP 0 B. PHP 1,800,000 C. PHP 200,000 D. PHP 100,000

onwoo Company secure a fire insurance covering the entire PHP 2,000,000 fair value of its office building. The building 'was completely destroyed by fire when the depreciated cost (tax basis) of the building was PHP 1,800,000. Wonwoo recovered the PHP 2,000,000 insurance proceeds. How much is item of gross income? A. PHP 0 B. PHP 1,800,000 C. PHP 200,000 D. PHP 100,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5MC: Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to...

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