Reference no: EM132828052

ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows:

Deferred tax asset
12/31/2019-200,000
12/31/2018-500,000

Deferred tax liability
12/31/2019-420,000
12/31/2018-600,000

Income tax payable
12/31/2019-850,000
12/31/2018-200,000

Problem 1: The deferred tax liability was caused by accelerated depreciation and the deferred tax asset is for rentals received in advance. How much is ABC's total income tax expense?