XYZ Corporation, a closely held domestic corporation, has unappropriated retained earnings in excess of its paid-up capital stock amounting to P20,000,000 and P50,000,000 as of the fiscal years ending June 30, 2020 and June 30, 2021, respectively. How much improperly accumulated earnings tax may the government collect should they subject XYZ to the same?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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XYZ Corporation, a closely held domestic corporation, has unappropriated
retained earnings in excess of its paid-up capital stock amounting to
P20,000,000 and P50,000,000 as of the fiscal years ending June 30, 2020 and
June 30, 2021, respectively. How much improperly accumulated earnings tax may
the government collect should they subject XYZ to the same?

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