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What is the amount of deferred tax liability

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Reference no: EM132907575

East Company provide the following assets and liabilities at carrying amount at year-end:

Property, plant and equipment - P15,000,000

Inventory and receivables - P7,000,000

The value for tax purposes for PPE was P11,000,000. The entity has made provision for inventory obsolescence of P2,000,000 which is not allowable for tax purposes. Further, an impairment charge against receivables of P1,000,000 was made and is not allowable also for tax purposes. East Company reported a net income of P9,000,000 for the current year.

Problem 1: What is the current tax expense?

Problem 2: What is the amount of deferred tax liability?

Problem 3: What is the amount of deferred tax asset?

Reference no: EM132907575

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