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Prepare journal entries relating to income tax

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Reference no: EM132526387

Question - Zeus company reported pretax financial income of P3,000,000 for the year ended december 31 2020 . The taxable income was P4,000,000.

The difference is due to rental received in advance. Rental income is taxable when received.

The income tax rate is 30% and zeus company made estimated tax payment of P500,000 during the current year.

Required -

A. Prepare journal entries relating to income tax for 2020.

B. Compute the total income tax expense for 2020.

Reference no: EM132526387

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