please answer within 30 minutes. else negative ratings its urgent. The following data were provided by a DomesticCorporation for 2020:Taxes and licenses40,000Documentary stamp taxes2,000Other percentage taxes120,000Refund of local business taxes paid in201910,000Income tax due for 2020300,000Refund of income tax for 201925,000Interest income:From trade notes receivable100,000From peso bank deposits120,000From bank deposits abroad20,000Interest expense on bank loan150,000Tax assessment on underpayment ofpercentage taxes75,000Surcharges on tax assessments25,000Interest expense on tax assessments12,500Determine the amount of deductible interestexpense for 2020 (Train law). Please show me yoursolution so that this will serve as my reviewer,thanks!

Any interest/ surcharges on tax or any tax on assessment or income tax due shall not be allowed as…

Answered: and licenses nentary stamp taxes

Business

Accounting

and licenses nentary stamp taxes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

please answer within 30 minutes. else negative ratings its urgent.

The following data were provided by a Domestic
Corporation for 2020:
Taxes and licenses
40,000
Documentary stamp taxes
2,000
Other percentage taxes
120,000
Refund of local business taxes paid in
2019
10,000
Income tax due for 2020
300,000
Refund of income tax for 2019
25,000
Interest income:
From trade notes receivable
100,000
From peso bank deposits
120,000
From bank deposits abroad
20,000
Interest expense on bank loan
150,000
Tax assessment on underpayment of
percentage taxes
75,000
Surcharges on tax assessments
25,000
Interest expense on tax assessments
12,500
Determine the amount of deductible interest
expense for 2020 (Train law). Please show me your
solution so that this will serve as my reviewer,
thanks!

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