Reference no: EM132737493

Hopeful Company is preparing its 2020 year end income tax returns and the following differences were noted between financial reporting and tax reporting;

                                                            Financial                  Tax

Warranty Expense Php                 360,000 Php          200,000
Revenue from installment sales      1,800,000              1,200,000
Premiums on officers' life insurance  120,000           None

1. Hopeful Company reported a pretax income of Php 4,500,000 in its financial reporting. Income tax rate is 32% for all years.

Problem 1: How much is the current portion of Hopeful's income tax expense?