Question: Please help me with solution in this taxation problem 44. S purchased P500,000 worth real property and used the property as a mortgage for a

Please help me with solution in this taxation problem 44. S

Please help me with solution in this taxation problem

44. S purchased P500,000 worth real property and used the property as a mortgage for a loan of P600,000, payable in 10 equal annual installments. After the first annual installment payment, S sold the property to B for P700,000 with 10% cash down payment, balance payable into 2 equal installments starting January of next year. B assumed the remaining balance of the mortgage. How much is the contract price? * (3 Points) A. P700,000 B. P540,000 C. P200,000 D. P160,000

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