How much is the taxable income

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Question - ABC's pre-tax financial income is P1,800,000. Current income tax rate is 30%. In ABC Company's books and tax returns, the following differences have been noted: Fines paid for late payment of taxes, P15,500 Premiums paid on life insurance policy on officers, P200,000. Beneficiary is ABC Company. Impairment of goodwill: P90,000 Excess of tax depreciation over book depreciation: P30,000 Excess of warranty expense over actual warranty expenditures: P27,000 Excess of estimated uncollectible accounts for financial reporting over the actual write-offs for tax reporting: P12,000 Rent collected in advance for period earned: P35,000 How much is the taxable income?

Reference no: EM133073275

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