Use the following data for the next two (3) questions: In 2021, Mr. Mapagbigay created two (2) trusts for his minor son, Lucky During the year, the two trusts earned net income as follows: Trust 1 Trust 2 a. P1,130,000 b. P1,770,000 P4,000,000 6,000,000 Each trust filed their own income tax return and paid the corresponding income tax due as computed in their separate returns. Determine the following: 43. Consolidated tax due of the Trust c. P3,110,000 d. nil

Use the following data for the next two (3) questions: In 2021, Mr. Mapagbigay created two (2) trusts for his minor son, Lucky During the year, the two trusts earned net income as follows: Trust 1 Trust 2 a. P1,130,000 b. P1,770,000 P4,000,000 6,000,000 Each trust filed their own income tax return and paid the corresponding income tax due as computed in their separate returns. Determine the following: 43. Consolidated tax due of the Trust c. P3,110,000 d. nil

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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