Choose the letter of the correct answer. If the answer is not in the choices, write the word "None" and your answer beside it. 1. A store sold a piece of equipment for Php. 78,600. If the said equipment was bought for Php. 190,000 and the accumulated depreciation is Php. 139,200. Assuming that the income tax rate is 40%, what is the tax owed on the capital gain? a.) Php. 11,120 c.) Php. 31,440 b.) Php. 27,800 d.) Cannot be determined