What amount should be reported as current tax liability

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Question - Save Company reported pretax income of P800,000 for the current year. In the computation of income taxes, the following data were considered: Nontaxable gain 350,000 Depreciation deducted for tax purposes in excess of depreciation for book purposes 50,000 Estimated tax payments during current year 70,000 Enacted tax rate 30% What amount should be reported as current tax liability at year-end?

a. 65,000

b. 50,000

c. 135,000

d. 120,000

Reference no: EM132786622

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