A company owns the condominium unit and during the year 2010, the said corporation furnished and granted the said property for the residential use of its Assistant Vice President. However, an unfortunate event had occurred during the same year. The office of the accounting department was razed by fire. As a result, all the accounting files except the journal entry below, were destroyed.  

                                                Debit             Credit
Fringe benefit tax expense P 11,218
                     Fringe benefit tax payable P11,218
(To record the monthly fringe benefit tax)

How much is the Gross-up monetary value of the fringe benefit for the year 2010?

Answer rating: 100% (QA)

There are two types of Fringe benefit tax FBT Type ... View the full answer