On March 1, 2016, A VAT taxpayer made a purchase of a fixed asset with a useful life of 6 years for P2,000,000, not including VAT. On March 1, 201. After use of one year, the asset was sold for P1,000,000. Sales in March 2017 amounted to P3,500,000, VAT not included, while purchases in the month from VAT Suppliers amounted to P1,800,000, VAT not include, Question 1: How much was the unamortized input tax on the fixed asset at the time of sale? (used for 1 yr. only) (show solution) Question 2:How much was the value-added tax payable for March 2018? (show solution) Question 3: What were the journal entries on the transactions? (show solution) Question 4: How much was the available input tax every month from the fixed asset? Question 5: On March 1, 2017, before the sale of the fixed asset, how much was the debit balance on the deferred input tax on the input tax on the fixed asset? Question 6: What will be done to the debit balance of P192,000.000? On March 1, 2016, A VAT taxpayer made a purchase of a fixed asset with a useful life of 6 years for P2,000,000, not including VAT. On March 1, 201. After use of one year, the asset was sold for P1,000,000. Sales in March 2017 amounted to P3,500,000, VAT not included, while purchases in the month from VAT Suppliers amounted to P1,800,000, VAT not include, Question 1: How much was the unamortized input tax on the fixed asset at the time of sale? (used for 1 yr. only) (show solution) Question 2:How much was the value-added tax payable for March 2018? (show solution) Question 3: What were the journal entries on the transactions? (show solution) Question 4: How much was the available input tax every month from the fixed asset? Question 5: On March 1, 2017, before the sale of the fixed asset, how much was the debit balance on the deferred input tax on the input tax on the fixed asset? Question 6: What will be done to the debit balance of P192,000.000?