A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on January 14, 1980 at a cost of P60,000. The terms of payment are as follows: Down payment, February 14, 2018 P25,000 Installment payment, February 14, 25,000 2019 Installment payment February 14, 50,000 2019 Mortgage assumed by the buyer 20,000 Total P120,000 The taxable gain to be reported by A in 2018 is

A sold his ring, a capital asset, on February 14, 2018. The ring was acquired on January 14, 1980 at a cost of P60,000. The terms of payment are as follows: Down payment, February 14, 2018 P25,000 Installment payment, February 14, 25,000 2019 Installment payment February 14, 50,000 2019 Mortgage assumed by the buyer 20,000 Total P120,000 The taxable gain to be reported by A in 2018 is

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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