How much is the income tax expense
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Question – Filipinas Company’s Accounting income for the year is P1,650,300.
Megan, the accounting specialist is considering the items below in computing for the income tax return: The interest income from Mundo Bank is P19,800.
Depreciation accepted by BIR is P80,000 lower than depreciation in the book. Prepayment of P70,000 is made by the company and the related expenses are to be incurred next year. The tax rate is 20%. How much is the income tax expense – current?
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