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Compute the deductible interest expense

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Reference no: EM132860859

Problem - Tino Corporation had the following Interest expense during the period:

Interest on borrowings from Ayala Corp, a sister company P12,000

Interest paid to preferred shareholders 40,000

Interest on tax delinquencyes 40,000

Interest on borrowing on a machinery which is currently depreciated at its acquisition cost 18,000

Required - Compute the deductible interest expense.

Reference no: EM132860859

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