Kris Inc. sold its vacant lot to Moca Corporation for P10,000,000, which it acquired at a cost of P5,000,000. The fair market value of the said property per tax declaration is P12,000,000, while its zonal value is P15,000,000. The tax applicable on the transaction is:.

Kris Inc. sold its vacant lot to Moca Corporation for P10,000,000, which it acquired at a cost of P5,000,000. The fair market value of the said property per tax declaration is P12,000,000, while its zonal value is P15,000,000. The tax applicable on the transaction is:.

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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