Question
ABC Company reported pretax financial income of P2,000,000 for the year ended December 31,2020. The taxable income was P1,500,000. The difference is due to accelerated
ABC Company reported pretax financial income of P2,000,000 for the year ended December 31,2020. The taxable income was P1,500,000.
The difference is due to accelerated depreciation for income tax purposes.
The income tax rate is 30% and ABC Company made estimated tax payment of P200,000 during the current year.
What is the journal entries for 2020?
What is the total income tax expense for 2020?
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Accounting Chapters 1-13
Authors: Carl Warren
27th Edition
1337272108, 978-1337272100
