APOLONIO died leaving the following properties: • 2,500 shares of stocks of ABC Corporation, listed in the Stock Exchange (highest -P40; lowest - P39) per share • 1,500 shares common stocks of JAM Corporation, not listed in the stock exchange. Cost P50 per share; book value, P45 per share • Car (cost is P600,000; book value is P350,000; market value is P400,000) • Real properties (zonal value-P120,000; assessors value-P72,000) What is the amount of the decedent's gross estate?

APOLONIO died leaving the following properties: • 2,500 shares of stocks of ABC Corporation, listed in the Stock Exchange (highest -P40; lowest - P39) per share • 1,500 shares common stocks of JAM Corporation, not listed in the stock exchange. Cost P50 per share; book value, P45 per share • Car (cost is P600,000; book value is P350,000; market value is P400,000) • Real properties (zonal value-P120,000; assessors value-P72,000) What is the amount of the decedent's gross estate?

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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