1. What amount should be reported as current tax expense for the current year?

2,100,000

2,400,000

1,600,000

1,900,000

2. What amount should be reported as income tax payable for the current year?

1,600,000

2,100,000

2,400,000

1,900,000

3. What amount should be reported as total income tax expense for the current year?

1,650,000

1,500,000

1,800,000

3,150,000

An entity reported pre-tax financial income of P8,000,000 for the current year. The taxable income was P7,000,000 for the current year. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30%, and the entity made estimated tax payment of P500,000 during the current year