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What is the net charge against income

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Question - Please help me on how I could solve this in good accounting form: Effective January 1, 2019, Queen Company adopted the accounting policy of expensing advertising and promotion costs when incurred. Previously, advertising and promotion costs applicable to future periods were recorded in prepaid expenses. The entity can justify the change, which was made for both financial  statement and income tax reporting purposes. The prepaid advertising and promotion costs totaled  P600,000 on December 31, 2019. The income tax rate is 30%. What is the net charge against income for 2019 as a result of the change?

Reference no: EM132967948

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