The accountant of ABC Corporation has been regularly filing the entity's quarterly income tax return. However differences between taxable income and financial income are accounted for at year end. for the year ended December 31,2019, ABC Corporation reported pretax financial income of P 5,000,000 . Included in the pretax financial income was P 9000,000 of non taxable life insurance received as a result of death of an officer; P 1,200,000 of warranty expenses accrued but unpaid as of December 31,2019 and P 200,000 of impairment loss in goodwill. Income tax rate is 30% for all years. Income taxes paid up to the 3rd quarter of 2019 amounted to P 928,000, What is the amount of income taxes payable at December 31,2019?
The accountant of ABC Corporation has been regularly filing the entity's quarterly income tax return. However differences between taxable income and financial income are accounted for at year end. for the year ended December 31,2019, ABC Corporation reported pretax financial income of P 5,000,000 . Included in the pretax financial income was P 9000,000 of non taxable life insurance received as a result of death of an officer; P 1,200,000 of warranty expenses accrued but unpaid as of December 31,2019 and P 200,000 of impairment loss in
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