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X Co. reported the following income and expenses for a calendar year: Sales P5,000,000 Cost of sales 2,000,000 Operating expenses during the year 1,000,000 NOLCO

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X Co. reported the following income and expenses for a calendar year: Sales P5,000,000 Cost of sales 2,000,000 Operating expenses during the year 1,000,000 NOLCO 500,000 Dividend income from domestic corporation 60,000 Interest income, net of final tax 40,000 Only 30% of the operating expenses can be substantiated with official receipts. Included in the operating expenses is P50,000 interest expense

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