Jolens Company reported pre-tax financial income of P6,200,000 for the calendar year 2019. Included in the other income section of the income statement was P200,000 of interest revenue from government bonds held by the entity which is non-taxable. The income statement also included depreciation expense of P500,000 for a machine that cost P3,000,000. For tax purposes, the depreciation for this machine is P600,000. The tax rate is 30% for 2019. How much is the current tax expense for 2019?
Jolens Company reported pre-tax financial income of P6,200,000 for the calendar year 2019. Included in the other income section of the income statement was P200,000 of interest revenue from government bonds held by the entity which is non-taxable. The income statement also included depreciation expense of P500,000 for a machine that cost P3,000,000. For tax purposes, the depreciation for this machine is P600,000. The tax rate is 30% for 2019. How much is the current tax expense for 2019?
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Jolens Company reported pre-tax financial income of P6,200,000 for the
calendar year 2019. Included in the other income section of the income
statement was P200,000 of interest revenue from government bonds held
by the entity which is non-taxable. The income statement also included
For tax purposes, the depreciation for this machine is P600,000. The tax
rate is 30% for 2019. How much is the current tax expense for 2019?
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