Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of operations, calendar year 2020. Below are the differences between taxable and financial income: · Excess tax depreciation over accounting depreciation: P500,000 · Revenue collected for tax in excess of accounting revenue: P2,000,000 · Tax penalties expensed in the income statement: P200,000 Income tax rate is 30%. What is the NET DEFERRED TAX EXPENSE for 2020? a. 450,000 benefit b. 450,000 expense c. 510,000 benefit d. 510,000 expense
Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of operations, calendar year 2020. Below are the differences between taxable and financial income: · Excess tax depreciation over accounting depreciation: P500,000 · Revenue collected for tax in excess of accounting revenue: P2,000,000 · Tax penalties expensed in the income statement: P200,000 Income tax rate is 30%. What is the NET DEFERRED TAX EXPENSE for 2020? a. 450,000 benefit b. 450,000 expense c. 510,000 benefit d. 510,000 expense
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
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Acer, Inc. reported a taxable income of P8,000,000 in its Form 1702 for its first year of operations, calendar year 2020. Below are the differences between taxable and financial income:
· Excess tax depreciation over accounting depreciation: P500,000
· Revenue collected for tax in excess of accounting revenue: P2,000,000
· Tax penalties expensed in the income statement: P200,000
Income tax rate is 30%. What is the NETDEFERRED TAX EXPENSE for 2020?
· Excess tax depreciation over accounting depreciation: P500,000
· Revenue collected for tax in excess of accounting revenue: P2,000,000
· Tax penalties expensed in the income statement: P200,000
Income tax rate is 30%. What is the NET
a. 450,000 benefit
b. 450,000 expense
c. 510,000 benefit
d. 510,000 expense
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