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roblem 9-10 (AICPA Adapted) re Company reported net income of P7,410,000 for the hont year which included the following amounts: alized loss on foreign currency translation Unho on arl retirement of bonds payable nof profit of prior year for error 540,000) 2,200,000 Adjustme in depreciation, net of tax effect 750,000) (1,400,000) Loss from fire What amount should be reported as adjusted net income? a. 6,500,000 b. 6,610,000 c. 8,160,000 d. 8,700,000 Problem 9-11 (IAA) Bangladesh Company provided the following information for the current year: Sales Cost of goods sold Distribution costs General and administrative expenses Interest expense Gain on early extinguishment oflong-term debt Correction ofinventory error, net of income tax-credit Investment income-equity method Gain on expropriation Income tax expense Dividends declared 50,000,000 30,000,000 5,000,000 4,000,000 2,000,000 500,000 1,000,000 3,000,000 2,000,000 5,000,000 2,500,000 What is the income from continuing operations? a. 9,000,000 b. 8,000,000 c. 9,500,000 d. 7,000,000 205