MYRRH Company reported P9,000,000 income before provision for income tax. The following data are provided for the current year: Rent received in advance P 1,600,000 Interest income from depository accounts 2,000,000 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes 1,000,000 Estimated tax payment for the current year 500,000 Enacted corporate income tax rate 30%

MYRRH Company reported P9,000,000 income before provision for income tax. The following data are provided for the current year: Rent received in advance P 1,600,000 Interest income from depository accounts 2,000,000 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes 1,000,000 Estimated tax payment for the current year 500,000 Enacted corporate income tax rate 30%

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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