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The following records were taken from the books of the Company and its branch on...

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Accounting

The following records were taken from the books of the Company and its branch on December 31, 2021: Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year's. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account?


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