Mr. Paco reported the following income and expenses in 2020 Gross Compensation income Gross professional fess Dividend income Interest income from deposit Cash donation to government for public purposes Fair value of property donation to accredited non-profit Institutions (Property book value is 80,000) Interest on borrowings Personal and family expenses Entertainment and recreation expenses Other operating expenses of practice Mandatory payroll deductions Exempt benefits Compute for the following 1. Deductible contribution expense P 2. Taxable compensation income P 3. Net income P 4. Taxable income P P 600,000 800,000 10,000 15,000 60,000 120,000 24,000 200,000 8,000 120,000 20,000 40,000