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What is the income tax payable for the year

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Question - Columbia corporation has one temporary difference at the end of 2020 that will reverse and cause deductible amounts of P100,000 in 2021, P130,000 in 2022 and P90,000 in 2023. Columbia's pretax financial income for 2020 is P400,000. The tax rate is 32% for all years. There are no deferred taxes at the beginning of 2020. What is the income tax payable for the year 2020?

Reference no: EM132947956

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