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SHOW YOUR SOLUTIONS In 2020, Argentina Company received an advance payment of P1,000,000, which was subject to tac but not reported in accounting income until
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In 2020, Argentina Company received an advance payment of P1,000,000, which was subject to tac but not reported in accounting income until 2021. The income statement and tax return showed the following: 2020 2021 Income before tax per income statement 6,000,000 9,000,000 7,000,000 8,000,000 Income before tax per return Income tax rate 30% 30% Complete the table below. 2020 2021 FINANCIAL POSITION Deferred tax asset Deferred tax liability STATEMENT OF INCOME Net income before tax Taxable income Current tax expense Income tax benefit Deferred tax expense Total income tax expenseStep by Step Solution
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