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Problem 1: In its 2014 profit or loss, Milan Corporation reported depreciation of P370,000 and interest revenue on municipal obligations of P70,000. Milan reported depreciation of P500,000 in its 2014 income tax return. The difference in depreciation is the only temporary difference and it will reverse equally over the next three years. Enacted tax rate for all years is 32%. What amount should be included in the deferred income tax liability in Milan's December 31, 2014 statement of financial position?
Option 1: P57,600Option 2: P80,000Option 3: NoneOption 4: P41,600
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