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What is the current tax expense for the year

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Reference no: EM132990637

PROBLEM - The accountant of Try Corp. presented to you the following information in line with your audit of Try Corp.'s income tax related balances:

Pre-tax financial income P10,000,000

Estimated litigation loss which is tax deductible upon settlement in the future 600,000

Installment sale which will be recognized as taxable income as received over the next two years 1,200,000

Unearned rental income 300,000

Dividend income 500,000

Life insurance expense 300,000

Income tax rate is constant at 33% for all years.

Required -

1. What is the total tax expense for the year?

2. What is the current tax expense for the year?

3. How much is the deferred tax asset as of December 31, 2014?

4. How much is the deferred tax liability as of December 31, 2014?

5. If future tax rate is expected to increase to 35%, what is the total tax expense?

Reference no: EM132990637

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