Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of Tarlac for P6,000,000 on six equal semiannual installments of P1,000,000 each. The first installment will be paid on June 30, 2021, the second installment six months after, and so on, until the final installment on December 31, 2023. Can Jackie declare his income on installment? a. Yes. The initial payments are not at least 25%. The initial payments are only 17% of the selling price. b. No. The initial payments exceeded 25%. The initial payments are 33% of the selling price. c. Yes. The initial payments did not exceed 25%. The initial payments are only 17% of the selling price. d. No. The initial payments are at least 25%. The initial payments are 33% of the selling price.
Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of Tarlac for P6,000,000 on six equal semiannual installments of P1,000,000 each. The first installment will be paid on June 30, 2021, the second installment six months after, and so on, until the final installment on December 31, 2023. Can Jackie declare his income on installment? a. Yes. The initial payments are not at least 25%. The initial payments are only 17% of the selling price. b. No. The initial payments exceeded 25%. The initial payments are 33% of the selling price. c. Yes. The initial payments did not exceed 25%. The initial payments are only 17% of the selling price. d. No. The initial payments are at least 25%. The initial payments are 33% of the selling price.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 32P
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Question
Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of Tarlac for P6,000,000 on six equal semiannual installments of P1,000,000 each. The first installment will be paid on June 30, 2021, the second installment six months after, and so on, until the final installment on December 31, 2023.
Can Jackie declare his income on installment?
a. Yes. The initial payments are not at least 25%. The initial payments are only 17% of the selling price.
b. No. The initial payments exceeded 25%. The initial payments are 33% of the selling price.
c. Yes. The initial payments did not exceed 25%. The initial payments are only 17% of the selling price.
d. No. The initial payments are at least 25%. The initial payments are 33% of the selling price.
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