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Receipts of a Contractor Company, VAT not included: Contract price on work complete a of 12/31/2019 (total contract price of Php 6,000,000) Cash received php4,000,000

Receipts of a Contractor Company, VAT not included: Contract price on work complete a of 12/31/2019

(total contract price of Php 6,000,000)

Cash received php4,000,000

Accounts Receivable php2,000,000

Advances on contract price, still unearned as of 12.31.2019 php500,000

Payments for:

Services performed by VAT sub-contractors php1,000,000

Materials purchased from VAT suppliers php2,000,000

Salaries of employees php300,000

How much is the VAT Payable?

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