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What amount of current income tax liability should reported

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Reference no: EM132796915

Question - Milan Company reported P9,000,000 income before provision for income tax. The following data are provided for the current year:

Rent received in advance1,600,000Income from exempt municipal bonds2,000,000Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes1,000,000Estimated tax payment for current year500,000Enacted corporate income tax rate30%

What amount of current income tax liability should be reported at year-end?

a. 2,880,000

b. 2,580,000

c. 2,280,000

d. 1,780,000

Reference no: EM132796915

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