A decedent died on November 2, 2022 leaving the following properties Common stocks of Sunshine Corporation, 2,000 shares, listed in the Philippine Stock Exchange. The highest value is P40, lowest is P39. ● A ● B ● ● D ● Common stocks of Creamy Corporation, 1,500 shares, not listed in the Philippine Stock Exchange. The cost is P50/share, the book value is P45/share. Preference shares of Golden Inc., 3,600 shares, not listed in the Philippine Stock Exchange. The cost is P70/share, book value is P60/share and the par value is P50/share. The gross estate of the decedent is Toyota Vios (Cost - P600,000; Book Value - P350,000; Market Value - P400,000) Real properties (FMV per Assessor's - P72,000; FMV per Commissioner of Internal Revenue - P120,000) 816,500 824,000 846,000 817,500

A decedent died on November 2, 2022 leaving the following properties Common stocks of Sunshine Corporation, 2,000 shares, listed in the Philippine Stock Exchange. The highest value is P40, lowest is P39. ● A ● B ● ● D ● Common stocks of Creamy Corporation, 1,500 shares, not listed in the Philippine Stock Exchange. The cost is P50/share, the book value is P45/share. Preference shares of Golden Inc., 3,600 shares, not listed in the Philippine Stock Exchange. The cost is P70/share, book value is P60/share and the par value is P50/share. The gross estate of the decedent is Toyota Vios (Cost - P600,000; Book Value - P350,000; Market Value - P400,000) Real properties (FMV per Assessor's - P72,000; FMV per Commissioner of Internal Revenue - P120,000) 816,500 824,000 846,000 817,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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