Data for item nos. 24 & 25 Di Ka Na Mahal Company reported the following information during the first year of operations: P 9,000,000 1,000,000 1,500,000 2,000,000 30% Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Tax depreciation in excess of financial depreciation Income tax rate 24. What is the current tax expense? A. P2,250,000 В. Р2,700,000 C. P1,800,000 D. P2,550,000 25. What is the deferred tax asset at the year-end? A. P600,000 В. Р450,000 C. P750,000 D. P150,000
Data for item nos. 24 & 25 Di Ka Na Mahal Company reported the following information during the first year of operations: P 9,000,000 1,000,000 1,500,000 2,000,000 30% Pretax financial income Nontaxable interest received Long-term loss accrual in excess of deductible amount Tax depreciation in excess of financial depreciation Income tax rate 24. What is the current tax expense? A. P2,250,000 В. Р2,700,000 C. P1,800,000 D. P2,550,000 25. What is the deferred tax asset at the year-end? A. P600,000 В. Р450,000 C. P750,000 D. P150,000
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 19P
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