Question
Zoombie Corp reported the following for the year ended December 31, 2021: Accounting income per book P 6,000,000 Provision for litigation cost(probable) 200,000 Estimated warranty
Zoombie Corp reported the following for the year ended December 31, 2021: Accounting income per book P 6,000,000 Provision for litigation cost(probable) 200,000 Estimated warranty cost 400,000 Accounting depreciation 800,000 Tax depreciation 600,000 Insurance premium(officers) 500,000 Interest from Time Deposit 150,000 Dividends 150,000 Gross income on installment 100,000 Income tax rate 30% a. How much is the taxable income? b. How much is the accounting income subject to tax? c. How much is the deferred tax liability? d. How much is the deferred tax asset?
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