For questions 2-3, use the following information. Please show solutions. Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000; Office Supplies, P 275,000; Office Equipment, P 700,000; Furniture and Fixtures, P 2,100,000. 2. What is the total value of the assets that Ms. QWE contributed to the business? 3. Determine the value of Ms. QWE's ownership in the business.

For questions 2-3, use the following information. Please show solutions. Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash, P 3,000,000; Office Supplies, P 275,000; Office Equipment, P 700,000; Furniture and Fixtures, P 2,100,000. 2. What is the total value of the assets that Ms. QWE contributed to the business? 3. Determine the value of Ms. QWE's ownership in the business.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 32P

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