For the year ended December 31, 2021, Jocelyn Company reported pretax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year. What amount should be reported as current tax expense for the current year? O 1,050,000 O 1,950,000 O 2,250,000 O 1,350,000
For the year ended December 31, 2021, Jocelyn Company reported pretax financial income of P7,500,000. The taxable income was P6,500,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 30% and the entity made estimated tax payment of P900,000 during the current year. What amount should be reported as current tax expense for the current year? O 1,050,000 O 1,950,000 O 2,250,000 O 1,350,000
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 20CE
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