Reference no: EM132890632

Question - ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC asset's and liabilities are as follows:

Deferred tax asset   

12/31/2019-200,000              

12/31/2018-500,000

Deferred tax liability

12/31/2019-420,000              

12/31/2018-600,000

Income tax payable

12/31/2019-850,000   

12/31/2018-200,000

The deferred tax liability was caused by accelerated depreciation and the deferred tax asset is for rentals received in advance.

Required - How much is ABC's total income tax expense?