Pedro, single, donated the following properties on September 21:ValuesPropertyDonee100,000CashJuan, brother, on account of marriage 400,000JewelriesKat, gilfriend, residing in korea1,500,000House and LotParents, silver wedding anniversary gift75,000LandBrgy. Mapayapa, for use of barangay hall300,000CarFe, sister, donation is revocable50,000CashInternationa Rice Research Institute100,000CashGuillermo, father of the father of his mother70,000MotorcycleKay, niece, donation is embodied in the will REQUIREMENT: DONOR’S TAX DUE

Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Answered: Pedro, single, donated the following…

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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Pedro, single, donated the following properties on September 21:

Values	Property	Donee
100,000	Cash	Juan, brother, on account of marriage
400,000	Jewelries	Kat, gilfriend, residing in korea
1,500,000	House and Lot	Parents, silver wedding anniversary gift
75,000	Land	Brgy. Mapayapa, for use of barangay hall
300,000	Car	Fe, sister, donation is revocable
50,000	Cash	Internationa Rice Research Institute
100,000	Cash	Guillermo, father of the father of his mother
70,000	Motorcycle	Kay, niece, donation is embodied in the will

REQUIREMENT: DONOR’S TAX DUE

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