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Question - Basic Company reported net income of P4,000,000 before income tax expense for the current year. The entity had been profitable in the past and expected to continue to be profitable. The entity expensed warranty cost in the current year for P350,000 that is expected to impact the tax return after 2 years. The entity also had P600,000 that will not be taxed until next year. The tax rate for the current year is 30% and 40% beyond the current year. What amount should be reported as total income tax expense?
a. 1,125,000
c. 975,000
b. 1,225,000
d. 875,000
Cinefilm Inc. issued unsecured bonds that are backed only by the investors' faith in the company's good reputation. What are those bonds called?
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