Boar Brand Corporation is a domestic corporation engaged in the manufacturing of milk products. Boar Brand had the following transactions for the quarter:

	VAT-exclusive amounts
Sold milk to retailers	P 48,000,000
Disposed a milk evaporator machine (Cost is P50,000,000, proceeds are P60,000,000)	10,000,000
Distributed milk to its shareholders as part of their property dividends	14,000,000
Transferred a milking machine to a creditor as payment of debt	8,000,000

Requirements:

1. How much is output VAT for the taxable quarter?
2. Which of the following statements is true regarding the distribution of milk to the shareholders of Boar Brand? Explain. I. Boar Brand Corporation shall withhold a final withholding tax of 10% assuming their shareholders are resident citizens II. Boar Brand Corporation shall issue an official receipt in favor of its shareholders