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- Negative amounts: Place your answer inside the parenthesis. Example: Your answer is negative 123,457. Encode it as (123,457). - You are given until 12:00 pm of February 18, 2021 to complete this seatwork. - You can keep on answering this seatwork and use it as a reviewer for quizzes and exam but the recorded score will be based on your first (1st) attempt. On January 1, 2020, Aye Company purchased an equipment for P1,000,000 The equipment has an estimated useful life of 4 years and no residual value. The entity used the straight line method of depreciation for accounting purposes and the SYD method for tax purposes. The comparative depreciation charges for each of the four years are Straight line SYD 2020 250,000 400,000 250,000 300,000 2022 250,000 200,000 2023 250,000 100,000 The depreciation charge is the only timing difference between the accounting income and taxable income. Aye Company generated P4,000,000 income before depreciation and tax for each of the four years and that the applicable tax rate is 30%. Complete the table below. 2020 2021 2022 2022 FINANCIAL POSITION Deferred tax asset Deferred tax liability 2021 STATEMENT OF INCOME Net income before tax Taxable income Current tax expense Income tax benefit Deferred tax expense Total income tax expense