Ms. Gamboa uses accrual method of accounting. She owns a land which she leased to Mr. Sotto for 2 years at an annual rental of P 100,000. On July 1, 2018, she received P 200,000 from Mr. Sotto representing the rental covering the period July 1, 2018 to June 30, 2020.

 In 2018, calculate Ms. Gamboa  income  tax .

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Since Ms Gamboa uses the accrual method of accounting we need to consider the following for calculat... View the full answer