In its December 31, 2020 statement of financial position, ABC Company had income tax payable of P130,000 and a deferred tax asset of P200,000. ABC had reported a deferred tax asset of P150,000 at December 31, 2019. No estimated tax payments were made during 2009. In its 2020 income statement, what amount should ABC report as total income tax expense? (Round answer to whole number)

In its December 31, 2020 statement of financial position, ABC Company had income tax payable of P130,000 and a deferred tax asset of P200,000. ABC had reported a deferred tax asset of P150,000 at December 31, 2019. No estimated tax payments were made during 2009. In its 2020 income statement, what amount should ABC report as total income tax expense? (Round answer to whole number)

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24CE

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