Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax return for the year ended December 31, 2020. Book income before taxes- P750,000 Construction contract revenue which will reverse in 2021- P100,000 Depreciation expense that will reverse in equal amounts in each of the next five years- (P400,000) Taxable income- P450,000 What amount should Tokwa't Baboy Company report in its 2020 income statement as total

Tokwa't Baboy Company prepared the following reconiliation of income per books with income per tax return for the year ended December 31, 2020. Book income before taxes- P750,000 Construction contract revenue which will reverse in 2021- P100,000 Depreciation expense that will reverse in equal amounts in each of the next five years- (P400,000) Taxable income- P450,000 What amount should Tokwa't Baboy Company report in its 2020 income statement as total

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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