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Question - Colombo Company included in 2020 a deferred income on installment sale of P500,000 in accounting income.
This deferred income is expected to reverse for tax purposes in 2021.
Accounting income:
2020 - 5,500,000
2021 - 7,000,000
Taxable Income:
2020 - 5,000,000
2021 - 7,500,000
Income tax rate:
2020 - 30%
2021 - 30%
Required -
1. Prepare journal entries to record the income tax and deferred tax for 2020 and 2021.
2. Present the income tax expense in the income statement for 2020 and 2021.
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