Journal Entry for this 12 Applied for a P2,500,000 business loan from a bank by mortgaging his farm. He plan to use this to construct a clinic. 15 The loan was approved, and the money deposited in the name of the business which Deither opened on the same date. 30 A two-story clinic was constructed on a vacant lot which he owns. The lot is worth P300,000. The construction cost was P1,500,000. Both registration papers are in the name of the clinic.

Journal Entry for this 12 Applied for a P2,500,000 business loan from a bank by mortgaging his farm. He plan to use this to construct a clinic. 15 The loan was approved, and the money deposited in the name of the business which Deither opened on the same date. 30 A two-story clinic was constructed on a vacant lot which he owns. The lot is worth P300,000. The construction cost was P1,500,000. Both registration papers are in the name of the clinic.

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 45P

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