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What is the deferred tax balance in respect of the asset

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Reference no: EM132903245

Problem 1: The Sasha Company has a noncurrent asset which had a carrying amount in the financial statements of P18,000 at December 31, 2020. Its tax written down value (the tax base) at that date was P9,000. The tax rate is 30%. In accordance with PAS 12 Income taxes, what is the deferred tax balance in respect of this asset at December 31, 2020?

a. 9,000 asset

b. 2,700 liability

c. 2,700 asset

d. 9,000 liability

Problem 2: When substantially all of the risks and rewards incident to ownership remain with the lessor, the arrangement is treated as

a. An operating lease

b. A finance lease

c. A sale and leaseback

d. A non-lease, rental arrangement

Reference no: EM132903245

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