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What amount Pine report as its current income tax liability

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Question - Pine Corporation's books showed pretax income of P600,000 for the year ended December 31, 20x1. In the computation of federal income taxes, the following data were considered:

Gain on involuntary conversion (expropriation) P350,000

Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 50,000

Estimated tax payments during 20x1 70,000

Income tax rate 30%

Required - What amount should Pine report as its current income tax liability on its December 31, 20x1, balance sheet?

Reference no: EM132749014

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