Question 43

2 / 2 pts

21. F, sold the following capital assets

Land 1 Land 2 Land 3 Land 4

Selling price P400,000 P600,000 P800,000 P1,200,000

Cost 200,000 250,000 400,000 400,000

Commission paid 30,000 70,000 - -

m
er as
co
Selling expense incurred 20,000 30,000 40,000 50,000

eH w
o.
rs e
ou urc
Terms of sale:
o
aC s

Down payment, Feb. 14,

50,000 70,000 50,000 150,000
vi y re

2018

July 14, 2018 50,000 70,000 50,000 150,000

ed d
ar stu

July 14, 2019 150,000 100,000 200,000 200,000

July 14, 2020 150,000 260,000 - 200,000

is
Th

Mortgage assumed by
- 100,000 500,000 500,000
the buyer
sh

The final tax for 2018 is

P180,000

This study source was downloaded by 100000832266045 from CourseHero.com on 09-24-2021 01:39:42 GMT -05:00

https://www.coursehero.com/file/93884262/1143docx/
 P82,080

P85,080

Correct!

P112,080

m
er as
co
eH w
o.
rs e
ou urc
o
aC s
vi y re
ed d
ar stu
is
Th
sh

This study source was downloaded by 100000832266045 from CourseHero.com on 09-24-2021 01:39:42 GMT -05:00

https://www.coursehero.com/file/93884262/1143docx/
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