Solution-What amount should be reported as total income tax

What amount should be reported as total income tax expense

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Problem - Kayayan Company was organized on January 1, 2020. The entity had pretax accounting income of P5,000,000 and taxable income of P7,000,000 for the current year. The only temporary difference is accrued product warranty cost that is expected to be paid in 2021. The enacted tax rates are 30% for 2020 and 25% for 2021 and thereafter. What amount should be reported as total income tax expense in the income statement for 2020?

Reference no: EM132943381

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What amount should be reported as total income tax expense

Reference no: EM132943381

Reference no: EM132943381

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