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sub= 24 A. Bee Corporation prepared the following reconciliation between book income and taxable income for the year ended December 31, 2019. Income before income
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A. Bee Corporation prepared the following reconciliation between book income and taxable income for the year ended December 31, 2019. Income before income taxes, per books 500,000 Taxable inocme, per income tax return 300,000 Difference 200,000 Permanent difference - Interest on government bonds Timing difference - lower depreciation per books 50,000 150,000 200,000 500,000 Bee's effective income tax rate if 40%. Bee reported the following information in its annual report: Income before income taxes Provision for income taxes: Current Deferred Net Income ? ? A.1. What amount should Bee report as the current portion of its provision for income taxes? a. P120,000 c. P180,000 b. P140,000 d. P200,000 A.2. what amount should Bee report as the deferred portion of the provision for income taxes? a.P20,000 C.P80,000 b. P60,000 d. P120,000Step by Step Solution
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