ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows: Deferred tax asset 12/31/2019-200,000 12/31/2018-500,000 Deferred tax liability 12/31/2019-420,000 12/31/2018-600,000 Income tax payable 12/31/2019-850,000 12/31/2018-200,000 \ The deferred tax liability was caused by accelerated depreciation and the deferred tax asset is for rentals received in advance. How much is ABC's total income tax expense?
ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows: Deferred tax asset 12/31/2019-200,000 12/31/2018-500,000 Deferred tax liability 12/31/2019-420,000 12/31/2018-600,000 Income tax payable 12/31/2019-850,000 12/31/2018-200,000 \ The deferred tax liability was caused by accelerated depreciation and the deferred tax asset is for rentals received in advance. How much is ABC's total income tax expense?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 11RE: Barth James Inc. has the following deferred tax assets and liabilities: 12,000 noncurrent deferred...
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ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows:
12/31/2019-200,000
12/31/2018-500,000
12/31/2019-420,000
12/31/2018-600,000
Income tax payable
12/31/2019-850,000
12/31/2018-200,000
\
The deferred tax liability was caused by accelerated
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