Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The beginning of the lease was July 1, 2015. Rental income is taxable when received. The income tax rate is 30%. The entry had no other permanent or temporary differences. What amount of deferred tax asset should be reported on December 31, 2015?
Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The beginning of the lease was July 1, 2015. Rental income is taxable when received. The income tax rate is 30%. The entry had no other permanent or temporary differences. What amount of deferred tax asset should be reported on December 31, 2015?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Joferlyn corporation leased a building and received P4,000,000 annual payment on June 15, 2015. The beginning of the lease was July 1, 2015. Rental income is taxable when received. The income tax rate is 30%. The entry had no other permanent or temporary differences. What amount of deferred tax asset should be reported on December 31, 2015?
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