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In your audit of Jean Company's statement of comprehensive income for the year ended December 31, 2019, you noted that the company reported profit of...
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In your audit of Jean Company's statement of comprehensive income

for the year ended December 31, 2019, you noted that the company reported profit of P10,000,000. You raised about the following amounts that had been included in profit:
Unrealized loss on decline in value of assets held at fair value through OCI
P    500,000
Loss on write off of inventory due to a government ban net of tax
         1,500,000
Adjustment profit of prior year net-debit
         2,000,000
Loss from expropriation of property, net of tax
         3,500,000
Exchange differences gain on translating foreign operations
         4,500,000
Realized revaluation surplus
         1,000,000
The loss from expropriation was unusual occurrence in Jean's line of business.
Jean's 2019 statement of comprehensive income should report profit at:
Select one:
a. P7,000,000
b. P8,500,000
c. P9,000,000
d. P6,500,000

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Subject: Accounting, Business

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