How much is the total income tax expense recorded for the year ended December 31, 2019?a. P246,000b. P270,000c. P540,000d. P786,000 The following are the carrying amounts and tax bases for assets and liabilities of Mezza Company as7December 31,2019.Carrying AmountTax baseCashP500,000P500,000Trade and other receivables (net)Property, plant and equipment (net)Trade and other payablesAccrued warranty obligations1,500,0001,780,0004,500,0002,800,0002,000,000800,0002,000,000Any difference in carrying amount and tax basis is a temporary difference. Taxable income for 2019 isP1,800,000. The December 31, 2018 statement of financial position showed deferred tax asset ofP300,000 ad deferred tax liability of P240,000. Income tax payments during the year 2019 amountedto P400,000, including P150,000 payment relating to 2018 taxable income. Any resulting deferred taxasset is fully realizable. Income tax rate is 30%.How much is the total income expense recorded for the year ended December 31, 2019?

Income tax expense is calculated on taxable income

Answered: How much is the total income tax…

How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000

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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