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What is the journal entries relating to income tax

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Reference no: EM132529974

Question - Zeus Company reported pretax financial income of P3,000,000 for the year ended December 31,2020. The taxable income was P 4,000,000.

The difference is due to rental received in advance. Rental income is taxable when received.

The income tax rate is 30% and Zeus Company made estimated tax payment of P500,000 during the current year.

Required - What is the journal entries relating to income tax for 2020 and what is the total income tax expense for 2020?

Reference no: EM132529974

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