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Prepare journal entries relating to income tax expense

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Reference no: EM132519367

Moon Company reported pretax financial income of P3,000,000 for the year ended December 31, 2019. 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 Moon Company made estimated tax payment of P500,000 during the current year.

Required:

Question 1. Prepare journal entries relating to income tax expense for 2019.

Question 2. Compute the total income tax expense for 2019.

Question 3. Present the income tax expense in the income statement for 2019.

Reference no: EM132519367

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