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What amount should Chicharon Bulaklak Company record

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Question - The books of Chicharon Bulaklak Company for the year ended December 31, 2020 showed pretax income of P720,000. In computing the taxable income for income tax purposes, the following temporary differences were taken into account.

Depreciation deducted for tax purposes in excess of depreciation recorded in the books- P32,000

Income from installment sales reportable for tax purposes in excess of income recognized in the books- P24,000

Required - What amount should Chicharon Bulaklak Company record as current income tax liability at December 31, 2020 assuming a corporate income tax rate of 30%.

Reference no: EM133069795

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