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What amount should be reported as current provision

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Reference no: EM132785681

Question - Jackstone Company reported pretax accounting income of P200,000 and taxable income of P150.,000 for the current year. The difference is due to the following:

Interest income on saving deposit 70,000

Premium expense on keyman life insurance (20,000)

Total 50,000

The income tax rate is 30%.

Required - What amount should be reported as current provision for income tax expense in the income statement for the current year?

A. 50,000

B. 60,000

C. 0

D. 45,000

Reference no: EM132785681

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