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Problem 1. M Corporation provided you with the following records: * Payment for damages for unrealized profits deposited in court by a competitor P60,000 in favor of M Corporation Interest credited on peso-savings deposit, net of tax 40,000 Decrease in value of investment in bonds, not yet collected 50,000 Matured interest on coupon bonds, not yet collected 80,000 Cancellation of indebtedness from J Corporation 120,000 Increase in the fair market value of ABC equity investments 30,000 Profit share in joint venture not yet received 200,000 Based on the foregoing information, how much is the total amount of realized income of M Corporation?Problem 2: Mr. M received the following earnings during the year; * Winnings P8,000 Prizes 40,000 Capital gain from the sale of land; FMV 2M, Cost 1.7M 400,000 Salary, net of withholding tax of P30,000 300,000 Professional fee, net of 10% withholding tax 495,000 a.) How much of the income above is considered income subject to regular tax?Problem 3: The records of ABC Trading for the current year show the following: Problem 3: The records of ABC Trading for the current year show the following: January 1, 2020 December 31, 2020 Assets 500,000 300,000 Liabilities 150,000 50,000 During the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. Using the information above, how much is the net taxable income using the Net Asset Approach?Problem 4. Mr. X is an investor in ABC Corporation. In 2020, he has 1,000 share holdings acquired at P120 per share classified as capital asset. Mr. X uses FIFO in costing his investment holdings. 2021 Transactions: Month Transactions January 2 Received stock dividends 2 shares for every 10 share holdings. March 15 Sold 500 shares of ABC Corporation for P120 per share April 12 Purchased 300 shares of ABC Corporation for P150 per share. May 18 Sold 500 shares of ABC Corporation for P90 per share. a. What would be the net capital gain in March