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Compute the OTP. Dreamland Company, a closely held corporation, has an authorized capital of P1,000,000...

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Accounting

Compute the OTP. Dreamland

Company, a closely held corporation, has an authorized capital of P1,000,000 with par value of 10 per share. As of December 31, 2017, outstanding shares amounted to P250,000. The Company offered its shares to the public for the first time on June 30, 2018. 10,000 were sold at initial public offering for P150,000. On October 2018, Leonar, existing shareholder, sold his 1,000 shares for P20,000.

Required: Determine the following:

1. Business tax due on June 30, 2018

2. Business tax due on October 2018

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