Reference no: EM132856672
Zoombie Corp reported the following for the year ended December 31, 2021:
Accounting income per book P 6,000,000
Provision for litigation cost(probable) 200,000
Estimated warranty cost 400,000
Accounting depreciation 800,000
Tax depreciation 600,000
Insurance premium(officers) 500,000
Interest from Time Deposit 150,000
Dividends 150,000
Gross income on installment 100,000
Income tax rate 30%
Problem a. How much is the taxable income?
Problem b. How much is the accounting income subject to tax?
Problem c. How much is the deferred tax liability?
Problem d. How much is the deferred tax asset?
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