On January 2, 2021, Rastaman placed P1,000,000 in the 5-year time deposit of Metrobank. The placement earns 5% annual interest. Rastaman pre-terminated the deposit on June 30, 2024. Compute the final tax to be withheld on pre-termination.
On January 2, 2021, Rastaman placed P1,000,000 in the 5-year time deposit of Metrobank. The placement earns 5% annual interest. Rastaman pre-terminated the deposit on June 30, 2024. Compute the final tax to be withheld on pre-termination.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2021, Rastaman placed P1,000,000 in the 5-year time deposit of Metrobank. The placement earns 5% annual interest. Rastaman pre-terminated the deposit on June 30, 2024. Compute the final tax to be withheld on pre-termination.
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