The estimated taxable income for Love Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Love estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Love's second quarter income tax expense was?
The estimated taxable income for Love Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Love estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Love's second quarter income tax expense was?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The estimated taxable income for Love Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Love estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Love's second quarter income tax expense was?
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