Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory employee. The property has a zonal value of P3,500,000. Fair market value is P3,000,000. What is the fringe benefit tax? 80,769 O 94,231

Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory employee. The property has a zonal value of P3,500,000. Fair market value is P3,000,000. What is the fringe benefit tax? 80,769 O 94,231

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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Question

Universal Gagarin purchased a residential unit for P3,000,000 and
transferred it to its supervisory employee. The property has a zonal value
of P3,500,000. Fair market value is P3,000,000. What is the fringe benefit
tax?
80,769
O 94,231
1,615,385
1,884,615
None of the above

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