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Tore Inc., a building contractor, showed to you the following data:
Contract Price P5,000,000Cash Received (VAT included) 2,240,000Receivables 3,000,000Advances on other contracts still unearned (without VAT) 1,000,000
Payments:
For materials, VAT excluded 500,000For supplies, VAT excluded 100,000For services of sub-contractors (VAT included) 1,848,000
Problem 1: How much is the value added tax payable?
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