CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital?
CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital?
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 12CE
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11. CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT