Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor’s death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? Group of answer choices Php 7,000,000 Php 4,000,000 Php 15,000,000 Php 10,000,000 Php 5,000,000
Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor’s death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is? Group of answer choices Php 7,000,000 Php 4,000,000 Php 15,000,000 Php 10,000,000 Php 5,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
56
Nicanor has a house and lot which he acquired by virtue of donation from his parents ten years ago. The value at the time is Php 1 Million. When Nicanor was alive, the house and lot was mortgaged for Php 10,000,000 at ABC Bank. Nicanor had the property appraised in 2020 at Php 15,000,000.00. At the time of Nicanor’s death, value of the lot as prescribed by the City assessor is at Php 2,000,000.00 while the house is at Php 3,000,000. The zonal value in the BIR website is Php 4,000,000.00. The value of the house and lot assuming Nicanor died in 2021 is?
Group of answer choices
Php 7,000,000
Php 4,000,000
Php 15,000,000
Php 10,000,000
Php 5,000,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education