ABC Company owns a condominium unit in “The XYZ Residences” which is near the factory and the plant’s administrative building. To make it convenient to its executive, it allowed the latter to use the said property as his residence. The Zonal Value of the property is P32,000,000 while its fair market value as shown in its current Real Property Tax Declaration amounts to P25,000,000. How much is the fringe benefit expense? Group of answer choices P0 P800,000 P32,000,000 P25,000,000
ABC Company owns a condominium unit in “The XYZ Residences” which is near the factory and the plant’s administrative building. To make it convenient to its executive, it allowed the latter to use the said property as his residence. The Zonal Value of the property is P32,000,000 while its fair market value as shown in its current Real Property Tax Declaration amounts to P25,000,000. How much is the fringe benefit expense? Group of answer choices P0 P800,000 P32,000,000 P25,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Company owns a condominium unit in “The XYZ Residences” which is near the factory and the plant’s administrative building. To make it convenient to its executive, it allowed the latter to use the said property as his residence. The Zonal Value of the property is P32,000,000 while its fair market value as shown in its current Real Property Tax Declaration amounts to P25,000,000.
How much is the
Group of answer choices
P0
P800,000
P32,000,000
P25,000,000
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