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Can someone help how the answers were computed? Thank you. Use the following information for the next three (3) questions In 2019, ABC corporation thru
Can someone help how the answers were computed? Thank you.
Use the following information for the next three (3) questions In 2019, ABC corporation thru its board of directors, approved a resolution which gives its supervisors a free use of the company's residential condominium in Makati City. The following data were revealed in the resolution about the condominium: Fair Market value of the condominium (per tax declaration) P 1,000,000 Zonal Value (per BIR assessment) 2,000,000 Fair market value (per Appraisal value) 2,500,000 Questions: 9. How much is the monetary value of the fringe benefit? - P62,500 10. How much is the Fringe benefit tax? - P33,654 11. Assume that the residential condominium was purchased by the company in installment for the supervisors' free use. Acquisition cost exclusive of interest is P 3,000,000. At what amount should the company report as the quarterly monetary value of fringe benefit? - P225,000 Use the following information for the next three (3) questions In 2019, ABC corporation thru its board of directors, approved a resolution which gives its supervisors a free use of the company's residential condominium in Makati City. The following data were revealed in the resolution about the condominium: Fair Market value of the condominium (per tax declaration) P 1,000,000 Zonal Value (per BIR assessment) 2,000,000 Fair market value (per Appraisal value) 2,500,000 Questions: 9. How much is the monetary value of the fringe benefit? - P62,500 10. How much is the Fringe benefit tax? - P33,654 11. Assume that the residential condominium was purchased by the company in installment for the supervisors' free use. Acquisition cost exclusive of interest is P 3,000,000. At what amount should the company report as the quarterly monetary value of fringe benefit? - P225,000Step by Step Solution
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