A dealer in securities has the following for the year 2018:  Sale of securities held for sale in the ordinary course        P4,000,000     Cost of securities held for sale in the ordinary course         2,500,000     Supplies expense, net of VAT                                                     300,000               Rent expense, net of VAT                                                          500,000  The OUTPUT VAT shall be:

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 12MC: (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to...
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A dealer in securities has the following for the year 2018: 

Sale of securities held for sale in the ordinary course        P4,000,000 

  

Cost of securities held for sale in the ordinary course         2,500,000 

  

Supplies expense, net of VAT                                                     300,000              

Rent expense, net of VAT                                                          500,000 

The OUTPUT VAT shall be: 

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