I-n-c-o-m-e- -t-a-x-a-t-i-o-n- -b-a-s-e-d- -i-n- -P-h-i-l-i-p-p-i-n-e- -L-a-w-A-n-s-w-e-r- -t-h-e- -a-t-t-a-c-h-e-d- -p-i-c-t-u-r-e-,- -p-l-e-a-s-e- -a-d-d- -s-o-l-u-t-i-o-n- -i-n- -e-v-e-r-y- -p-r-o-b-l-e-m- -a-l-s-o- -i-n-d-i-c-a-t-e- -t-h-e- -r-u-l-e- -o-r- -p-r-o-v-i-s-i-o-n-s- -o-f- -l-a-w- Pre-Terminated Lease ContractProblem 4-36The following data are pertaining to a 5-year lease contract which startedOctober 31, 200A:Cost of improvement put up by the lesseeEstimated useful of the improvementP 300,0006 yearsMarch 31, 200BDate completedThe income from leasehold improvement was reported by the lessor usingthe spread-out method. Assuming that the lease contract was pre-terminated on December 31, 200D, how much would be the additionalincome in 200D from the pre-termination of contract?a. P137,500P120,000b. P135,455P 42,500C.d. Problem 4-30Gross Income of BanksMetrobank, Inc. reported the following during the taxable year:Interest income from clientsGain on sale of capital assetsRent incomeSalaries of bank employees assigned on lending andinvestments of fundsSalaries of Janitors and security guardsDepreciation of buildingDepreciation of computers and teller machines usedDirect supplies usedInterest expense paid to depositorsP10,000,0005,000,0002,000,0003,700,0001,000,000800,000600,000200,0001,500,000How much is the gross income of Metrobank, Inc. for purposes of MCIT?a P17,000,000C. P12,500,000b. P12,700,000d. P11,000,000

There are multiple question and both these questions are an independent question which are not the…

The income from leasehold improvement was reported by the lessor using the spread-out method. Assuming that the lease contract was pre- terminated on December 31, 200D, how much would be the additional income in 200D from the pre-termination of contract? a. P137,500 C. P120,000 d. P 42,500

The income from leasehold improvement was reported by the lessor using the spread-out method. Assuming that the lease contract was pre- terminated on December 31, 200D, how much would be the additional income in 200D from the pre-termination of contract? a. P137,500 C. P120,000 d. P 42,500

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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