Agila Land Inc., a real estate developer, sold a commercial lot to Wakka for P10,500,000, VAT-exclusive. At

Fantastic news! We've Found the answer you've been seeking!

Question:

Agila Land Inc., a real estate developer, sold a commercial lot to Wakka for P10,500,000, VAT-exclusive. At the time of sale, the zonal value and fair market value according to the assessor were P11,500,000 and P13,500,000, respectively.

How much is the total amount to be paid by Wakka to Agila Land, Inc.?

Related Book For answer-question

Advanced Accounting

ISBN: 978-1118037911

1st Canadian Edition

Authors: Gail Fayerman

See More Books

Posted Date: Mar 21, 2023 06:03 AM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
A company has the following data to prepare the budgets for 2023: Budgeted Sales units: 1 st Qtr 5,000; 2 nd Qtr 5,500; 3 rd Qtr 6,000 Desired Ending Finished Goods Inventory: 20% of next Qtr Sales...
You, CA, have been working for Plener and Partners, Chartered Accountants (P&P), a mid-size CA firm, for three years. You have been assigned a new project for a long-term client of your firm, Oxford...
A mortgage loan officer uses math on a continual basis during the mortgage lending process. When a prospective borrower applies for a loan, many calculations are made: debt-to-income- ratio,...
In September 2009, The Walt Disney Company announced that it would acquire Marvel Entertainment in a $4 billion cash and common stock deal. On a per-share basis, the consideration given by Disney to...
In Problems 2334, graph each system of linear inequalities. [x - 4y = 4 x - 4y = 0
What are some of the limitations of the traditional HR metrics?
Two cars, A and B, travel in a straight line. The distance of A from the starting point is given as a function of time by >At) = at + pt, with a = 2.60 m/s and p = 1.20 m/s. The distance of B from...
(20 points) Solve the initial value problem If the solution is y = +x + 2x + 3x + 4x + 5x5 + 6x0 + 7x7 + enter the following coefficients: (5+ x)y" + 1y = 0, y(0) = 0, y'(0) = 3. C1 C2 C3 = CA C5 = =...
Consider a binary mixture for which the excess Gibbs energy is given by G E /RT = 2.6x 1 x 2 . For each of the following overall compositions, determine whether one or two liquid phases will be...
A colleague that is a regular on investing message boards recently commented that SunDoe Coffee stock will start paying dividends in the near future because of all of the cash flow that it generates....
What makes the U.S. dollar exchange rate fluctuate?
Shaffer ordered a glass of ros wine at the Victoria Station Restaurant. As he took his first sip of wine, the glass broke in his hand, causing permanent injuries. Shaffer brought suit against the...
The figure shows the demand for money curve. If the quantity of money decreases from $4 trillion to $3.9 trillion, explain how the price of a bond will change. Interest rate (percent per year) 8 6 4...
What is required by the Consumer Leasing Act?
Herman Googe agreed to buy an automobile from Irene Schleimer. Later, Googe changed his mind and refused to buy the car. Schleimer, without making tender of delivery, brought suit against Googe for...
You purchase a new car after graduating college. The Purchase Price of the car was $27, 284.58. The interest rate is 7.81%. As a graduation gift your parents agreed to give you 12 % of the purchase...
A red card is illuminated by red light. What color will the card appear? What if its illuminated by blue light?
What lines in the nancial statements are necessary to provide a breakdown of parent entity share and NCI share?
Addison owns all of the share capital of Erin. The following intragroup transactions, all parts of which are independent unless specied, took place. 1. In January 2013, Addison sold inventory to Erin...
How does the modified equity method of accounting differ from the equity method? Explain the implications of this difference.
Do an Internet search on "build operate transfer." Identify a BOT project, preferably from your home continent (e.g., AF, AS, EU, Pacific, NA, SA), and copy a small portion of what you find (a page...
True or False: Benefits and disbenefits must be converted to monetary values to use benefit-cost analysis.
Using an Internet-based search on 'build operate transfer," find an additional definition from a source other than used in Section 14.2. Copy and paste it, as well as any graphics, examples,...

Agila Land Inc., a real estate developer, sold a commercial lot to Wakka for P10,500,000, VAT-exclusive. At

Question:

Expert Answer:

Assuming that the VAT rate is 12 the total amount to ... View the full answer

Advanced Accounting

Students also viewed these law questions