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How much is current portion of Hopeful income tax expense

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Question - 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

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

Required - How much is the current portion of Hopeful's income tax expense?

Reference no: EM132800695

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