What is the income tax expense for the year

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Question - BC Company prepared the reconciliation between pretax financial income and taxable income at December 31,2019, the end of its first year of operations.

Pretax financial income P 600,000

Rent collected in advance 200,000

Tax depreciation in excess of book depreciation (900,000)

Taxable income (100,000)

The deferred tax asset resulting from the operating loss carry forward is believed to be 100% realizable. Income tax rate is 30%.

Required - What is the income tax expense (benefit) for the year 2019?

Reference no: EM132887497

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