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What is the amount of income tax payable

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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?

Reference no: EM133179839

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