Sandpiper Corporation paid P120,000 for annual property taxes on January 15, 2006, and P20,000 for building repair costs on March 10, 2006. Total repair expenses for the year were estimated to be P200,000. What total amount of expense for these items was reported in Sandpiper’s first quarter 2006 interim income statement?   P 50,000. P 80,000. P100,000. P140,000.

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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.