Reference no: EM133080185
Question - An entity reported the following information during the first year of operations:
Pretax financial income P 9,000,000
Non-taxable interest received 1,000,000
Long-term loss accrual in excess of deductible amount 1,500,000
Tax depreciation in excess of financial depreciation 2,000,000
Income tax rate 30%
1. What is the current tax expense?
2. What is the total tax expense?
3. What is the deferred tax liability at year-end?
4. What is the deferred tax asset at year-end?
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