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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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
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