Question: Mr. Paco Reported The Following Income And Expenses In 2020 Gross Compensation Income P600,000 Gross Professional Fess 800,000 Dividend Income 10,000 Interest Income From Deposit 15,000 Cash Donation To Government For Public 60,000 Purposes Fair Value Of Property Donation To Accredited Non-Profit Institutions (Property Book Value Is 120,000 80,000) Interest

15,000 Mr. Paco reported the following income and expenses in 2020 Gross Compensation income P600,000 Gross professional fess 800,000 Dividend income 10,000 Interest income from deposit Cash donation to government for public 60,000 purposes Fair value of property donation to accredited non-profit Institutions (Property book value is 120,000 80,000) Interest on borrowings 24,000 Personal and family expenses 200,000 Entertainment and recreation expenses 8,000 Other operating expenses of practice 120,000 Mandatory payroll deductions 20,000 Exempt benefits 40,000 Compute for the following 1. Deductible contribution expense P 2. Taxable compensation income P 3. Net income P 4. Taxable income P