4. What amount of total tax expense should be reported?To compute the provision for income tax, the followingPecorino Company had pretax financial income of P2,500,000The entity made corporate estimated tax payment in theProblem 16-30 (IFRS)in the current year.amount of 180,000 during the current year.information was provided:Interest income receivedTax depreciation in excess of financial statement amount 160,000360,000Rent received in advanceCorporate tax rate.280,00030%1. What amount of permanent difference between bookincome and taxable income existed at year-end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported?a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax payable should be reporteda. 498,000b. 606,000c. 330,000d. 570,000a. 714,000b. 726,000c. 642,000d. 594,000570

Introduction As per relevant IFRS 'income taxes' if there is any any temporary difference then…

ax depreciation in excess of financial statement amount 160,000 he entity made corporate estimated tax payment in the ecorino Company had pretax financial income of P2,500,000 o compute the provision for income tax, the following roblem 16-30 (IFRS) the current year. mount of 180,000 during the current year. aformation was provided: aterest income received 360,000 ent received in advance orporate tax rate 280,000 30% - What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported?

ax depreciation in excess of financial statement amount 160,000 he entity made corporate estimated tax payment in the ecorino Company had pretax financial income of P2,500,000 o compute the provision for income tax, the following roblem 16-30 (IFRS) the current year. mount of 180,000 during the current year. aformation was provided: aterest income received 360,000 ent received in advance orporate tax rate 280,000 30% - What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported?

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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