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What amount should Tokwa Baboy Company report

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Reference no: EM133063038

Question - Tokwa't Baboy Company prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2020.

Book income before taxes - P750,000

Construction contract revenue which will reverse in 2021 - P100,000

Depreciation expense that will reverse in equal amounts in each of the next five years - (P400,000)

Taxable income - P450,000

Required - What amount should Tokwa't Baboy Company report in its 2020 income statement as total provision for income tax? Assume a 30% tax rate.

Reference no: EM133063038

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