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 Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes
Section: Chapter Questions
Problem 26E
Related questions
Question
How much is the total income tax expense for the year?
a. ₱ 2,280,000
b. ₱ 2,100,000
c. ₱ 3,120,000
d. ₱ 3,300,000
![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
Enacted corporate income tax rate
500,000
30%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc628f6df-53b1-4b43-bea7-2e6fdbfc196a%2F1209b719-7655-4c44-b5af-f04ecd343f07%2Fwfu05b_processed.png&w=3840&q=75)
Transcribed Image Text: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
Enacted corporate income tax rate
500,000
30%
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