5. What amount should be reported as current tax expense for the current year? ₱ 1,050,000 ₱ 1,950,000 ₱ 1,350,000 ₱ 2,250,000 For the year ended December 31, 2021, THREE Company reported pre-tax financial income ofP7,500,000. The taxable income was P6,500,000. The difference is due to accelerateddepreciation for income tax purposed. The income tax rate is 30% and the entity made estimatedtax payment of P900,000 during the current year.

Here in this question, we are required to determine current tax expense for year ended December 31,…

Answered: What amount should be reported as…

What amount should be reported as current tax expense for the current year? ₱ 1,050,000 ₱ 1,950,000 ₱ 1,350,000 ₱ 2,250,000

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 3RE: In the current year, Madison Corporation had 50,000 of taxable income at a tax rate of 25%. During...

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Question

5. What amount should be reported as current tax expense for the current year?

₱ 1,050,000

₱ 1,950,000

₱ 1,350,000

₱ 2,250,000

For the year ended December 31, 2021, THREE Company reported pre-tax financial income of
P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated
depreciation for income tax purposed. The income tax rate is 30% and the entity made estimated
tax payment of P900,000 during the current year.

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