ABC Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2020- P1,200,000 Tax exempt interest- P100,000 Taxable temporary difference - P300,000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2020 is 28%. What amount should be reported in its 2020 income statement as the current portion of ts provision for income taxes? To input answers, kindly follow the sample format belowíno peso sign, with comma, no space):

ABC Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2020- P1,200,000 Tax exempt interest- P100,000 Taxable temporary difference - P300,000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2020 is 28%. What amount should be reported in its 2020 income statement as the current portion of ts provision for income taxes? To input answers, kindly follow the sample format belowíno peso sign, with comma, no space):

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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