Question: Consider this problem happening in the Philippines. 3. The total gross income of the oil company in Problem 2 from the 200,000 barrels of oil

Consider this problem happening in the Philippines.

3. The total gross income of the oil company in Problem 2 from the 200,000 barrels of oil produced is P30,000,000.00. The taxable income after deducting all expenses excluding depletion is P11,800,000.00. Determine the allowable depletion allowance for the year

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