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Compute for the income tax payable of the corporation

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Reference no: EM132805575

The income statement of your corporation for the year ended 2019 is shown below:

Sales P 3,000,000

Less: Cost of Sales 1,850,000

Gross Profit 1,150,000

Less: Allowable Deductions 1,000,000

Net income P 150,000

Required:

Question 1. Compute for the income tax payable of the corporation for the calendar year ended 2019.

Reference no: EM132805575

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