Show solution on the following questions please. thank you

1. What is the taxable income in 2021?

2. What is last year to apply P160 NOLCO incurred in 2020?

Problem 9. A taxpayer deducted P500 interest expense in 2017 but failed to pay the same due to financial difficulty. The lender condoned the interest in 2021. Data are as follows: 2017 P100 2018 (P130) 2019 P80 2020 (P160) 2021 P300 Income before interest (Interest Expense)/ Condonation of interest (500) 500 Problem 9. A taxpayer deducted P500 interest expense in 2017 but failed to pay the same due to financial difficulty. The lender condoned the interest in 2021. Data are as follows: 2017 P100 2018 (P130) 2019 P80 2020 (P160) 2021 P300 Income before interest (Interest Expense)/ Condonation of interest (500) 500