These were taken from the statement of comprehensive income of ABC Company, a domestic corporation for 2011 whose total assets excluding land is less than Php65,000,000: Sales Cost of sales Operating expenses (excluding bad debts) Rental income (including Php 50,000 security deposit) Provision for bad debts Provision for income tax Additional information: - Accounts written off during 2011 - Recoveries in 2011 of accounts receivable Written-Off in 2010 (only Php10,000 Were recognized by the BIR as a Reduction for 2010 income - Refunds for various local taxes paid in 2010 (50% of the amount recovered were recognized by the BIR as a reduction for 2010 income) - Refunds for the overpayment of 2010 income tax - Refund for special assessment - Acquisition of real property to be used in business (acquired from a shareholder) FMV P900,000 Need: 1. Taxable recovery of accounts receivable written off 2. Taxable returns 3. Income tax payable for 2011. Php 1,500,000 500,000 300,000 500,000 20,000 95,000 Php 50,000 10,000 30,000 15,000 9,000 2,000,000