dlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital
dlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital
Chapter23: Exempt Entities
Section: Chapter Questions
Problem 21P
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CuddlePH accepted several office equipment from a stockholder which originally costed the donor P1,200,000. On the same date, the items had aggregated fair value totaling P985,000. The company incurred P30,000 for professional fees and transfer taxes related to the transaction. The amount was charged to other expenses. How much should be the credited as donated capital?
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