ATRIG Corporation sold some of its capital assets and derived gain or loss as follows:ItemHolding PeriodGain/LossTruck 13 years(P350,000)Truck 29 months(90,000)Shares sold directly to buyer5 years400,000Land located in Cebu10 years1,200,000Equipment4 years120,000How much shall be reported as net capital gain or loss subject to rules on regularincome tax?P1,280,000O (P320,000)O (P145,000)zero

ATRIG corporation sold some of its Capital Assets and Derived Gain / Loss from its.

Answered: s net capital gain c

Business

Accounting

s net capital gain c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ATRIG Corporation sold some of its capital assets and derived gain or loss as follows:
Item
Holding Period
Gain/Loss
Truck 1
3 years
(P350,000)
Truck 2
9 months
(90,000)
Shares sold directly to buyer
5 years
400,000
Land located in Cebu
10 years
1,200,000
Equipment
4 years
120,000
How much shall be reported as net capital gain or loss subject to rules on regular
income tax?
P1,280,000
O (P320,000)
O (P145,000)
zero

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