On June 30, 2018, Joven, widower, supporting his 75-year old father, retired from his employment. He workedwith the company for 30 years, the latest salary being P8,000 a month. As a consequence of his retirement, hereceived a retirement pay of P600,000. Moreover, his 20- year-old insurance policy for which he had paid anannual premium of P5,000 had matured. The proceeds amounted to P500,000. He also received a retirementgratuity from the Social Security System of P200,000. a. P1,248,000 b. P448,000 c. P398,000 d. P400,000 On June 30, 2018, Joven, widower, supporting his 75-year old father, retired from his employment. He workedwith the company for 30 years, the latest salary being P8,000 a month. As a consequence of his retirement, hereceived a retirement pay of P600,000. Moreover, his 20- year-old insurance policy for which he had paid anannual premium of P5,000 had matured. The proceeds amounted to P500,000. He also received a retirementgratuity from the Social Security System of P200,000. a. P1,248,000 b. P448,000 c. P398,000 d. P400,000