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ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows: Deferred tax
ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows:
Deferred tax asset 12/31/2019-200,000 12/31/2018-500,000
Deferred tax liability 12/31/2019-420,000 12/31/2018-600,000
Income tax payable 12/31/2019-850,000 12/31/2018-200,000
The deferred tax liability was caused by accelerated depreciation and the deferred tax asset is for rentals received in advance.
How much is ABC's total income tax expense?
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