1.) Angel Corporation's accounting records and financial statements for 2021 is as follows (P in millions): Cash paid to acquire machinery = P32; Retired share capital = P51; Proceeds from sale of land = P95; Gain from the sale of land = P50; Investment revenue received = P72; Cash paid to acquire office equipment = P85. In its statement of cash flows, the company should report net cash flows from investing activities of:

a. P22 million outflows

b. P50 million outflows

c. P100 million inflows

d. P28 million inflows

2.) Yes Corp., a publicly-owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ended December 31, 2020, Yes reported consolidated revenues of P50,000,000, operating expenses of P47,000,000, and net income of P3,000,000. Operating expenses include payroll costs of P15,000,000. Yes's combined identifiable assets of all industry segments at December 31, 2020, were P40,000,000. In its 2020 financial statements, Yes should disclose major customer data if sales to any single customer amount to at least:

a. P300,000

b. P1,500,000

c. P4,000,000

d. P5,000,000

3.) Dive Company, a calendar-year corporation, had the following actual income before income tax expense and estimated effective annual income tax rates for the first three quarters in 2020. Dive's income tax expense in its interim income statement for the third quarter should be:

a. P126,000.

b. P68,400.

c. P62,400.

d. P54,000.

Income before tax Quarter expense 1 100,000 2 140,000 3 180,000 Estimated effective annual tax rate at the end of each quarter 30% 24% 30%