R Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2002: Book income before income taxes P900,000 Add: Construction contract revenue which will reverse in 2005 120,000 Less: Depreciation expense which will reverse in equal amounts in each of the next 4 yrs (480,000) P540.000

R Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2002: Book income before income taxes P900,000 Add: Construction contract revenue which will reverse in 2005 120,000 Less: Depreciation expense which will reverse in equal amounts in each of the next 4 yrs (480,000) P540.000

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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