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Reported pretax accounting income included P500,000 estimated litigation loss which will become tax deductible when settled next year. The income tax rate is 30%.
The income statement and tax return showed the following:
2019 2020
Accounting income 4,500,000 7,500,000
Taxable income 5,000,000 7,000,000
Required:
Question 1. Prepare journal entries relating to income tax expense for 2019 and 2020.
Question 2. Compute the total income tax expense for 2019 and 2020.
Question 3. Present the income tax expense in the income statement for 2019.
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