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Question - Lady sells real property in the course of its business. During the last quarter of 2018, it had sold a parcel of land under the following terms (VAT inclusive):
Total contract price P1,120,000
Down payment, 10/05/2018 112,000
1st installment (12/31/2018) 112,000
2nd installment (2/1/2019) 56,000
Required - How much is the output vat in the last quarter of 2018?
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