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What is the total income tax expense

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Question - G.Luna reported in 2020: pretax financial income of P1,700,000 and taxable income of P850,000. The following caused taxable income to be different than financial income:

Depreciation on the tax return is greater than depreciation on the income statement by 160,000

Rent collected in advance not yet earned at the end of the year is 220,000

Fines and penalties of laws amounting to P110,000.

Interest income on deposits with banks amount to P120,000

Charitable donations of P200,00. (The limit in charitable donations is P150,000)

The company sold on installment amounting to P300,000. There were no cash collections during the year.

Royalty income of P50,000 were accrued.

The company sold a land costing P2,000,000 for P2,500,000. Dividends received from ABC company amounting to P100,000

The income tax rate is for 2020 until 2023 is 25% under the CREATE law. There were no deferred tax asset or liability at the beginning of the year.

What is the total income tax expense for 2020?

a. 285,000

b. 212,500

c. 260,000

d. 272,500

Reference no: EM132948216

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