Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions  involving the sale of fixed assets. Asset       Sales          Price Cost           Gain (Loss) X            P20,000        P 80,000              P 10,000 Y              25,000          150,000                (18,000) Purchases of fixed assets during 2020 amounted to P340,000. The Accumulated Depreciation  account increased P40,000 during 2020. How much is the depreciation expense for 2020?

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.