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Question - Thinker Corporation's income statement for the year ended December 31, 2022, shows pretax income of P1,000,000. The following are treated differently on the tax return and in the accounting records:
Tax Return
Book records
Rent income
P120,000
P70,000
Depreciation
220,000
280,000
Premiums on officer's life insurance*
---
90,000
*the Corporation is the beneficiary of the insurance policy of the officer.
Assume that Thinker Corporations tax rate for 2022 is 30%, what is the amount of income tax payable for 2022?
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