In 2019, Cheongsan sold a piece of land which had a cost of P1M for a selling price of P4M. The sale called for an assumption by the buyer of a mortgage on the land of P1.5M, cash of P500,000 on the date of sale and installment payments of P500,000 every year thereafter. The land is an ordinary asset. The income to be reported in 2019 under the installment method of reporting income is * 4 O 500,000 O 750,000 O 1,000,000 O 375,000

In 2019, Cheongsan sold a piece of land which had a cost of P1M for a selling price of P4M. The sale called for an assumption by the buyer of a mortgage on the land of P1.5M, cash of P500,000 on the date of sale and installment payments of P500,000 every year thereafter. The land is an ordinary asset. The income to be reported in 2019 under the installment method of reporting income is * 4 O 500,000 O 750,000 O 1,000,000 O 375,000

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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