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What is the income tax expense in the income statement

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Question - Colombo Company included in 2020 a deferred income on installment sale of P500,000 in accounting income.

This deferred income is expected to reverse for tax purposes in 2021.

Accounting income for 2020 is 5,500,000 and for 2021 is 7,000,000.

Taxable income for 2020 is 5,000,000 and for 2021 is 7,500,000.

Income tax eare for 2020 is 30% and for 2021 is 30%.

Required -

What is the journal entries to record the income tax and deferred tax for 2020 and 2021?

What is the income tax expense in the income statement for 2020 and 2021?

Reference no: EM132529984

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