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How much is the output vat in the last quarter

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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?

Reference no: EM132914395

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