Problem $7$

Pine Company reported pre$-$tax financial income of P$800,000$ for the current year. In the computation of income taxes, the following data were considered:

Non$-$taxable gain $350,000$

Depreciation deducted for tax purposes in excess of

Depreciation deducted for book purposes $50,000$

Estimated tax payment during the year $70,000$

Enacted tax rate $30\%$

$21.$ What amount should be reported as current tax expense?

A$.120,000$

B$.50,000$

C$.15,000$

D$.135,000$

$22.$ What amount should be reported as current tax liability?

A$.120,000$

B$.50,000$

C$.15,000$

D$.135,000$

$23.$ What amount should be reported as deferred tax liability?

A$.120,000$

B$.50,000$

C$.15,000$

D$.135,000$

$24.$ What amount should be reported as total income tax expense?

A$.120,000$

B$.50,000$

C$.15,000$

D$.135,000$

$25.$ What amount should be reported as temporary difference?

A$.50,000$ Future taxable amount

B$.50,000$ Future deductible amount

C$.400,000$ Future deductible amount

D$.400,000$ Future taxable amount