Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income of P1,000,000. The following items are treated differently on the tax return and in the accounting records Tax Returns Accounting Records Rent Income P70,000 P120,000 Depreciation Expense 280,000 220,000 Premiums on 90,000 officers' life insurance The company's tax rate for 20x1 is 30% 1. How much is the income tax expense 2. How much is the current income tax expense 3. How much is the deferred tax expense / benefit

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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Subject: accounting
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