Determine what theodore report as total income tax expense

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Reference no: EM132755400

Problem 1: For the year ended December 31, 2020, Theo Corporation reported pretax financial income of P6,000,000. Its taxable income was P8,000,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 30% for all years and Theodore made estimated tax payment of P1,000,000. What should Theodore report as 2020 total income tax expense?

Reference no: EM132755400

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