On January 5, 2021 Mr. Pacifico obtained a 4-year business loan from a bank for P200,000 at 6% interest per annum. Both principal and interest are payable on equal installments every end of each quarter of the calendar year until the end of the 4-year term. How much interest expenses shall be deductible from gross income for the taxable year 2021? * O zero P3,000 O P6,000 O P12,000

On January 5, 2021 Mr. Pacifico obtained a 4-year business loan from a bank for P200,000 at 6% interest per annum. Both principal and interest are payable on equal installments every end of each quarter of the calendar year until the end of the 4-year term. How much interest expenses shall be deductible from gross income for the taxable year 2021? * O zero P3,000 O P6,000 O P12,000

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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