Reference no: EM132771805
Milan Company reported P9,000,000 income before provision for income tax. The following data are provided for the current year:
Rent received in advance1,600,000
Income from exempt municipal bonds2,000,000
Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes1,000,000
Estimated tax payment for current year500,000
Enacted corporate income tax rate30%
Problem 1: What amount of current income tax liability should be reported at year-end?
Option 1: 2,880,000
Option 2: 2,580,000
Option 3: 2,280,000
Option 4: 1,780,000
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