Under the CREATE and TRAIN Law,

GMA, a service business had the following information for the year 2018:

Service Revenue accruing for current year P 1,000,000

Collections during the year:

For service income last year 300,000

For service income current year 800,000

For service income next year 100,000

Expenses actually incurred during the year 500,000

Expenses paid during the year 600,000

How much is the taxable income?

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