Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities. Compute the income tax due assuming Qalvin is a non-profit hospital.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities.

Compute the income tax due assuming Qalvin is a non-profit hospital.

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