JKL Corp reports net income on its 2019 financial statements before income tax expense of P400,000. JKL has been profitable in the past and expects to continue to be profitable. The company expensed warranty cost in 2016 for P35,000 that is expected to impact tax return in 2020. JKL also had P60,000 in revenue that will not be taxed until 2021. JKL has a tax rate for 2019 of 30% and enacted rate of 40% beyond 2019. In addition JKL made four estimated tax payments of P25,000 each in 2019. 1. How much will JKLCorp report as taxable income on its income statement for December 31, 2019? 2. How much would JKL Corp report as current year income tax expense on the December 31, 2019 income statement? 3. How much would JKL Corp report as deferred income tax expense on December 31, 2019 income statement? 7,500
JKL Corp reports net income on its 2019 financial statements before income tax expense of P400,000. JKL has been profitable in the past and expects to continue to be profitable. The company expensed warranty cost in 2016 for P35,000 that is expected to impact tax return in 2020. JKL also had P60,000 in revenue that will not be taxed until 2021. JKL has a tax rate for 2019 of 30% and enacted rate of 40% beyond 2019. In addition JKL made four estimated tax payments of P25,000 each in 2019.
1. How much will JKLCorp report as taxable income on its income statement for December 31, 2019?
2. How much would JKL Corp report as current year income tax expense on the December 31, 2019 income statement?
3. How much would JKL Corp report as
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