At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?

At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 67IIP

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