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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 5MC: At the beginning of 2019, Conley Company purchased an asset at a cost of 10,000. For financial...
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