An entity reported pretax accounting income of P5,000,000 for the current year. The taxable income was P5,500,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 30% and the entity made no estimated tax payment in the current year. What amount should be reported as total income tax expense for the current year?

An entity reported pretax accounting income of P5,000,000 for the current year. The taxable income was P5,500,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 30% and the entity made no estimated tax payment in the current year. What amount should be reported as total income tax expense for the current year?

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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