Harmony, a citizen and resident of the Philippines, married, died, leaving the following properties:Real and personal properties acquired during the marriage, P3,000,000House and lot inherited from the father 1 ½ years ago (with a fair market value at that time of P1,500,000), and used at the time of his death as home for his family, P2,000,000Toyota Vios, purchased with cash received as gift from the mother during the year, P500,000Cash (including P500,000 received by inheritance from the Father), P1,500,000Claims against conjugal properties, P600,000Unpaid mortgage on the house and lot inherited (from an original of P600,000 when inherited), P100,000How much is the vanishing deductions?P 450,000P1,130,000P1,080,000P1,530,000

Answered: Harmony, a citizen and resident of the…

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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Harmony, a citizen and resident of the Philippines, married, died, leaving the following properties:

Real and personal properties acquired during the marriage, P3,000,000
House and lot inherited from the father 1 ½ years ago (with a fair market value at that time of P1,500,000), and used at the time of his death as home for his family, P2,000,000
Toyota Vios, purchased with cash received as gift from the mother during the year, P500,000
Cash (including P500,000 received by inheritance from the Father), P1,500,000
Claims against conjugal properties, P600,000
Unpaid mortgage on the house and lot inherited (from an original of P600,000 when inherited), P100,000

How much is the vanishing deductions?

P 450,000

P1,130,000

P1,080,000

P1,530,000

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