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Huskie Company reported in the income statement for the current year pretax income of P400,000. The following items are treated differently on the tax returns
Huskie Company reported in the income statement for the current year pretax income of P400,000. The following items are treated differently on the tax returns and on the book. Tax return Per Book Royalty income 40,000 20,000 125,000 Depreciation expense 100,000 Payment of a penalty None 15,000 The enacted tax rate for current year is 30% and 25% for all future years. What amount should be reported as current portion of income tax expense in the income statement for the current year? 111,000 102,000 115,500 92,500
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