Deductions from Gross Income Classify the items for deduction in the following scenarios. 1. On January 1, 2016, Mr. V leased his vacant lot for 12 years to Mr. J at an annual rate of P2,400,000. It was also agreed that Mr. J will pay the following: • P4,800,000 representing rental payment for year 2016 and 2017; • Security deposit of P2,400,000; and Annual real property tax of P30,000. The lease contract states that the lessee will construct a 5-storey building for parking purposes at a cost of P9,500,000. The ownership of the building shall belong to the lessor upon the expiration or termination of the lease contract. The building was completed on July 1, 2018 with an estimated useful life of 15 years. Compute the amount of deduction that Mr. J can claim in relation to: a. 2016 lease; b. 2017 lease; c. 2018 lease; and d. 2019 lease.

Deductions from Gross Income Classify the items for deduction in the following scenarios. 1. On January 1, 2016, Mr. V leased his vacant lot for 12 years to Mr. J at an annual rate of P2,400,000. It was also agreed that Mr. J will pay the following: • P4,800,000 representing rental payment for year 2016 and 2017; • Security deposit of P2,400,000; and Annual real property tax of P30,000. The lease contract states that the lessee will construct a 5-storey building for parking purposes at a cost of P9,500,000. The ownership of the building shall belong to the lessor upon the expiration or termination of the lease contract. The building was completed on July 1, 2018 with an estimated useful life of 15 years. Compute the amount of deduction that Mr. J can claim in relation to: a. 2016 lease; b. 2017 lease; c. 2018 lease; and d. 2019 lease.

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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Hi can u post this transaction for me please ( the current Answers are wrong)
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