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Philippine law Problem 3 Prosperous Bank has the following data for the 1* half 2018: 1 Quarter 2 Quarter Interest and commission income from lending

Philippine law

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Problem 3 Prosperous Bank has the following data for the 1* half 2018: 1" Quarter 2" Quarter Interest and commission income from lending 4,000,000 2,800,000 activities with maturity of 3 years Interest and commission income from lending 3,500,000 3,300,000 activities with maturity of 5 years Interest and commission income from lending 6,000,000 7,200,000 activities with maturity of 7 years Other income from rentals of facilities and other 775,000 825,000 assets Income from financial leasing (remaining maturity is 1,200,000 950,000 more than 5 years) Dividends and equity shares in net income of 500,000 400,000 subsidiaries Net trading gain (loss) (150,000) 325,000 Required: 1. Gross Receipts Tax for March 31, 2018 2. Gross Receipts Tax for June 30, 2018

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