On its December 31, 2020 balance sheet, U Company had income tax payable of P520,000 and a current deferred tax asset of P800,000. U had reported current deferred tax asset of P600,000 at December 31, 2019. No estimated tax payments were made during 2020. In its income statement of U Company, what amount should be reported as total income tax expense for 2020?

On its December 31, 2020 balance sheet, U Company had income tax payable of P520,000 and a current deferred tax asset of P800,000. U had reported current deferred tax asset of P600,000 at December 31, 2019. No estimated tax payments were made during 2020. In its income statement of U Company, what amount should be reported as total income tax expense for 2020?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 12P

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