Reference no: EM132806114
Question - On December 31, 2020, Landmark Company reported the following: Income before tax for accounting purposes, P11,850,000; Rent expense for financial accounting purposes is P1,500,000 while rent expense for tax purposes is P1,050,000; Tax depreciation is P3,000,000 while accounting depreciation is P1,500,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P600,000. The tax rate is 30%.
Required -
A. What is the amount of taxable temporary difference?
B. What is the amount of total deductible temporary difference?
C. Compute for the current tax expense.
D. Compute for the deferred tax expense.
E. What is the amount of deferred tax asset?
F. Compute for the net income after tax.
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