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Compute the total income tax expense

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Reference no: EM132526386

Question - ABC Company reported pretax financial income of P2,000,000 for the year ended december 31 2020 . The taxable income was P1,500,000.

The difference is due to accelerated depreciation for income tax purposes.

The income tax rate is 30% and ABC Company made estimated tax payment of P200,000 during the current year.

Required -

A. Prepare journal entries for 2020.

B. Compute the total income tax expense for 2020.

Reference no: EM132526386

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