What is serendipity current tax expense

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Question - In January 1, 2020, Serendipity Co. purchased investment securities for P3,000,000. The securities are classified as investment in equity securities at fair value through profit or loss. At December 31, 2020, the securities had a fair value of P4,200,000 but not yet been sold. The company also recognized a P800,000 restructuring charge during the year. The restructuring charge is composed of an impairment write down of manufacturing facility. Tax rules do not allow a deduction for the write down unless the facility is sold. The facility was not sold by the end of the year. After including the unrealized gain on the equity investment @FVPL and the restructuring charge, the accounting income before tax for the year was P10,000,000. The income tax rate for the current and future years is 30%. What is Serendipity's current tax expense?

Reference no: EM132903678

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