A dealer in securities has the following for the year 2018:  Sale of securities held for sale in the ordinary course        P4,000,000     Cost of securities held for sale in the ordinary course         2,500,000     Supplies expense, net of VAT                                                     300,000               Rent expense, net of VAT                                                          500,000  The OUTPUT VAT shall be:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A dealer in securities has the following for the year 2018: 

Sale of securities held for sale in the ordinary course        P4,000,000 

  

Cost of securities held for sale in the ordinary course         2,500,000 

  

Supplies expense, net of VAT                                                     300,000              

Rent expense, net of VAT                                                          500,000 

The OUTPUT VAT shall be: 

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