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Question - GUCCI Corporation in its first year of operations has the following differences between the carrying value and tax base of its assets and liabilities at the end of 2016.
Carrying value
Tax Base
Equipment (net)
P800,000
P680,000
Estimated warranty liability
40,000
P0
GUCCI estimates that the warranty liability will be settled in 2017. The difference in equipment (net) will result in taxable amounts as shown below:
Year
Amount
2017
P40,000
2018
60,000
2019
20,000
The Company has taxable income of P800,000 for 2016. The income tax rate is 30%.
Required -
1. What is the total deferred tax liability at December 31, 2016?
2. What is the total deferred tax asset at December 31, 2016?
3. What is the current income tax expense for the year ended December 31, 2016?
4. What is the total income tax expense for 2016?
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