Suggested Teaching / Learning Activities (TLAs)

L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal entries.).

7

8

9

10

11

Gross Profit

400,000

780,000

990,000

1,200,000

600,000

Business Expense

380,000

600,000

710,000

1,500,000

400,000

Net income

20,000

180,000

280,000

(300,000)

200,000

NT

MCIT

Income Tax Expense

Income Tax Payable

Deferred Charges (MCIT)