Solution-How much is deferred tax asset and deferred tax

How much is deferred tax asset and deferred tax liability

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Reference no: EM132939345

Question - Company F is preparing their income tax returns to be filed to BIR. The following are the details of their transactions that transpired in 2020.

Accounting Income/Net income 5,000,000.00

Unearned income 650,000.00

BIR penalties 45,000.00

Depreciation expense, straight-line 5,000.00

Depreciation expense, Double-Declining 10,000.00

Required - How much is the deferred tax asset and deferred tax liability? Make a journal entry.

Reference no: EM132939345

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How much is deferred tax asset and deferred tax liability

Reference no: EM132939345

Reference no: EM132939345

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