MYRRH Company reported #9,000,000 income before provision for income tax. The following data are provided for the current year: Rent received in advance P 1,600,000 Interest income from depository accounts 2,000,000 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for the current year Enacted corporate income tax rate 1,000,000 500,000 30%
MYRRH Company reported #9,000,000 income before provision for income tax. The following data are provided for the current year: Rent received in advance P 1,600,000 Interest income from depository accounts 2,000,000 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for the current year Enacted corporate income tax rate 1,000,000 500,000 30%
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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Question
What amount of current income tax liability should be reported at year end?
a. ₱ 1,780,000
b. ₱ 2,280,000
c. ₱ 2,880,000
d. ₱ 2,580,000
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