Reference no: EM132813201
Question - The following information is taken from Igado Company's 2020 financial records:
Pretax accounting income- P1,500,000
Accrued warranty in excess of actual warranty expenditures- P24,500
Excess tax depreciation- P45,000
Taxable income- P1,479,500
The temporary differences were created entirely in 2020. The future deductible amount is expected to reverse in 2021 and the future taxable amount will reverse in equal amounts in the next three years. Tax rates are: 30% in 2020; 32% in 2021; 34% in 2022 and 35% in 2023.
Required - How much should Igado Company report as deferred tax asset and deferred tax liability, respectively, at December 31, 2020?
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