Magaling University, a proprietary educational institution, incurred the following expenditures for the year ended December 31, 20A1: The following are the additional information: - Taxes were properly withheld on expenses subject to withholding taxes. - Salaries expense includes P350,000 salaries of minimum wage earners which were not subjected to withholding taxes. - The construction of the buildings were completed on June 30,20A. It had estimated useful life of 30 years. - The equipment were acquired on June 30,20A1 and were immediately used by Magaling. It had estimated useful of 5 years. - Magaling opted to claim as outright expense its capital expenditures for the expansion of school facilities. - Magaling adopts the straight-line method of depreciation. Required