Tonio Corporation had the following interest expenses during the period: Interest on borrowings from Ayala Corp.,...

 

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Tonio Corporation had the following interest expenses during the period: Interest on borrowings from Ayala Corp., a sister company Interest paid to preferred shareholders Interest on tax delinquencies Interest on borrowing on a machinery which is currently depreciated at its acquisition cost Compute for the deductible interest expense. P P12,000 40,000 40,000 18,000 Tonio Corporation had the following interest expenses during the period: Interest on borrowings from Ayala Corp., a sister company Interest paid to preferred shareholders Interest on tax delinquencies Interest on borrowing on a machinery which is currently depreciated at its acquisition cost Compute for the deductible interest expense. P P12,000 40,000 40,000 18,000

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Interest on borrowings from Ayala Corp a sister company is Allowed as Expenses Assumed a... View the full answer