Puerto Princesa Company sold itsparking lot for P2,000,000. The lothas a zonal value of P2,500O,000 andappraisal value of P1,800,000. Thecapital gains tax on the sale of the lotis *POP108,000P120,000O P150,000

solution: given : sale price =P2,000,000 zonal value =P2,500,000 appraisal value…

Answered: Puerto Princesa Company sold its…

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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Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is *