15. Elf Company prepared the following reconciliations of its pretax financial statement income to taxable income for the year ended December 31, 2000, its first year of operations: Pretax financial income Nontaxable interest received P1,600,000 (50,000) Long-term loss accrual in excess of deductible amount 100,000 Depreciation in excess of financial ( 250.000) P1 400.000 statement income Taxable income Assume the income tax is 32%, what amount should Elf report as income tax expense - current portion of its 2000 income statement? (a) P416,000 (b) P448,000 (c) P496,000 (d) P512,000 B

15. Elf Company prepared the following reconciliations of its pretax financial statement income to taxable income for the year ended December 31, 2000, its first year of operations: Pretax financial income Nontaxable interest received P1,600,000 (50,000) Long-term loss accrual in excess of deductible amount 100,000 Depreciation in excess of financial ( 250.000) P1 400.000 statement income Taxable income Assume the income tax is 32%, what amount should Elf report as income tax expense - current portion of its 2000 income statement? (a) P416,000 (b) P448,000 (c) P496,000 (d) P512,000 B

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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