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

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