FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

11 

Nicanor bought a car ten years ago costing Php 1,000,000.00. For income tax purposes, the car is full depreciated. Scrap value is 10% of cost as indicated in records. A person engaged in buying or selling valued the property at php 70,000. A buyer is willing to pay for php 50,000.00. What is the value to be used in computing estate tax? 

a. 0

b. 50,000

c. 100,000

d. 70,000

provide solution pls

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