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How much was the contract price

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Reference no: EM132818489

The idle real property of the taxpayer who is not engaged in business was sold when its zonal value was P60M. The carrying cost of the property at date of sale was P2M. The term of sales as follows:

  1. Down payment in year of sale P 10M
  2. Mortgage assumed by buyer 4M
  3. balance payable at P 9M per year for 4 years starting year 2 of sale.

Problem 1: How much was the contract price?

Group of answer choices

Option 1: 48M

Option 2: 50M

Option 3: 52M

Option 4: 45M

Reference no: EM132818489

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