What is the total deferred tax liability at December

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Question - Analysis of the assets and liabilities of Beef Brisket Corporation on December 31. 2019 disclosed assets with a tax basis of P1,000,000 and a book basis of P1,300,000. There was no difference in the liability basis. The difference in asset basis arose from temporary difference that would reverse in the following years:

2020 - P80,000

2021 - 70,000

2022 - 72,000

2023 - 40,000

2024 - 38,000

The enacted tax rates are 30% for the years 2019 - 2022 and 32% for the years 2023 - 2024. What is the total deferred tax liability at December 31, 2019?

Reference no: EM133063060

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