Solution-What amount should be reported in its income

What amount should be reported in its income statement

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Question - ABC Corporation prepared the following reconciliation for its first year of operations:

Pre-tax financial income for 2020 - P1,200,000

Tax exempt interest - P100,000

Taxable temporary difference - P300,000

The temporary difference will reverse evenly over the next two years at an enacted tax rate of 40%. The enacted tax rate for 2020 is 28%. What amount should be reported in its 2020 income statement as the current portion of its provision for income taxes?

Reference no: EM133073269

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What amount should be reported in its income statement

Reference no: EM133073269

Reference no: EM133073269

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