ABC reported a pretax financial income of P6M for the year 2021. Among the items reported in the 2021 profit or loss are: interest on time deposit, P240,000; proceeds received from life insurance on death of officer, P1.2M Assuming the income tax rate is at 32% for all years and that there are no timing or permanent differences in prior years, what amount should ABC report as deferred tax liability on Dec. 31, 2021? None 76.8k 78.6k 384k 460.8k
ABC reported a pretax financial income of P6M for the year 2021. Among the items reported in the 2021 profit or loss are: interest on time deposit, P240,000; proceeds received from life insurance on death of officer, P1.2M Assuming the income tax rate is at 32% for all years and that there are no timing or permanent differences in prior years, what amount should ABC report as deferred tax liability on Dec. 31, 2021? None 76.8k 78.6k 384k 460.8k
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 20CE
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Question
ABC reported a pretax financial income of P6M for the year 2021. Among the items reported in the 2021 profit or loss are:
interest on time deposit, P240,000;
proceeds received from life insurance on death of officer, P1.2M
Assuming the income tax rate is at 32% for all years and that there are no timing or permanent differences in prior years, what amount should ABC report as deferred tax liability on Dec. 31, 2021?
None
76.8k
78.6k
384k
460.8k
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