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Problem 2 Roy Ltd has determined its accounting profit before tax for the year ended June 30, 2020 to be P256,700. Included in this profit are the items of income and expense shown below. Royalty revenue (exempt from taxation) P8,000 Proceeds on sale of building 75,000 Carrying amount of building sold 70,000 Entertainment expense (non-deductible) 1,700 Depreciation expense - building 7,600 Depreciation expense - plant 22,500 Doubtful debts expense 4,100 Annual leave expense 46,000 Insurance expense 4,200 Development expense 15,000 The company's draft balance sheet at June 30, 2020 showed the following assets and liabilities: P 2,500 P 21,500 (4,100) Assets: Cash Accounts receivable Allowance for doubtful debts Inventory Prepaid insurance Land Buildings Accumulated depreciation Plant Accumulated depreciation Deferred tax asset. (opening balance) 17,400 31,600 4,500 75,000 110,500 170,000 (59.500) 150,000 (67,500) 82,500 9,600 P 333,600 Liabilities: Accounts payable Provision for annual leave Deferred tax liability (opening balance) Loan P 25,000 10,000 27,270 140,000 P 202,270 Additional information a. Quarterly income tax installments paid during the year were: October 28, 2019 18,000 January 28, 2020 17.500 April 28, 2020 18,000 With the final balance due on July 28, 2020. b. The tax depreciation rate for plant (which cost P150,000 three years ago) is 20% Depreciation on buildings is not deductible for taxation purposes. C. The building sold during the year had cost P100,000 when acquired six years ago. The company depreciates at 5% p.o. straight-line. d. During the year, the following cash amounts were paid: Annual leave P 52,000 Insurance 3.700 e. Bad debts of P3,500 were written off against the allowance for doubtful debts during the year. f. The P15.000 spent (and expensed) on development during the year is not deductible for tax purposes until June 30, 2021. g. Roy Ltd has tax losses amounting to P12,500 carried forward from prior years. h. The company tax rate is 30%. Required: Compute the following as of and for the fiscal period ended June 30, 2020: 1. Current tax expense (5 points) 2. Current tax payable (5 points) 3. Deferred tax liability (5 points) 4. Deferred tax asset (5 points) 5. Deferred tax expense (benefit) (5 points)