How much should be reported as income before income taxes, Financial Accounting

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How much should be reported as income before income taxes

Problem

You are preparing the income statement of ABC Company for the year ended December 31. 2021. You determine that the company's unadjusted income before taxes is P 23100000 before considering the following items:

1) Because of the changes in technology, inventory costing P100000 was written off as obsolete in 2021

2) A loss of P360000 was sustained on April 5. 2021 as a result of typhoon damage.

3) On July 1, 2021. ABC paid bondholders P1200000 to retire its bonds payable with carrying amount of P950000.

How much should be reported as income before income taxes?

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Financial Accounting: How much should be reported as income before income taxes

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Financial Accounting: How much should be reported as income before income taxes

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