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Determine total tax expense during the year

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Reference no: EM133075144

Question - A Company reported pretax financial income of P1,200,000 for the current year. The company reported interest income on treasury bills amounting to a total of P120,000. In addition, depreciation per books was P100,000 more than that deducted for tax purposes.

The company paid P145,000 in tax payments during the year.

Enacted rate is 30%.

Required - Determine total tax expense during the year.

Reference no: EM133075144

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