Country: Philippines

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