25. The estimated taxable income for Chicken Wings Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Chicken Wings estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Chicken Wings’s second quarter income tax expense was

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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25. The estimated taxable income for Chicken Wings Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Chicken Wings estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Chicken Wings’s second quarter income tax expense was

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