On 1, 2020, Midland Company purchased a machine for P1,400,000. This machine has - year useful residual value of P200,000 , and deprecated using straight- method for financial statement purposesFor purposes, depreciation was P500,000 for 2020 and P400,000 for 2021. The 2021 Income before and depreciation was P2,000,000 , and the tax was 30%. The entity made an estimated tax payment of P200,000 during 2021 What is the total income tax payable on December 31, 20219

On 1, 2020, Midland Company purchased a machine for P1,400,000. This machine has - year useful residual value of P200,000 , and deprecated using straight- method for financial statement purposesFor purposes, depreciation was P500,000 for 2020 and P400,000 for 2021. The 2021 Income before and depreciation was P2,000,000 , and the tax was 30%. The entity made an estimated tax payment of P200,000 during 2021 What is the total income tax payable on December 31, 20219

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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