t December 31, 2022 Mindoro Corporation’s taxable profit is P5,000,000. The following items are the temporary differences that caused Mindoro’s income in the income tax return to differ from the amount reported in the income statement: Future deductible amounts expected to reverse in 2023 of P400,000 and future taxable amounts expected to reverse in 2023 and 2024 of P500,000 and P900,000, respectively. Mindoro’s income tax rate is 35%. The income tax expense reported by Mindoro in its December 31, 2022 income statement is a. P2,100,000 c. P1,750,000 b. P1,400,000 d. P1,785,000

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Deferred Tax

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