Solution-What income tax payable if the cost of

What income tax payable if the cost of construction will be

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Reference no: EM132737838

Angeles School of Business is a private educational institution recognized by the government. The following are the data for the fiscal year ending June 30, 2019:

Tuition fee P 12,800,000
Miscellaneous fees 1,800,000
Interest income on bank deposits 12,300
Rent income of school facilities to outsiders 350,000
Salaries and bonuses - all personnel 7,500,000
Other operating expenses 3,500,000
Repayment of loan 400,000
Quarterly income tax payments 48,000

A building was constructed on April 2, 2019 at a cost of P 2,000,000 with a useful life of 50 years.

Problem 1: Assuming that the cost of construction of the building is treated as an expense, the income tax payable of Angeles is:

Problem 2: The income tax payable if the cost of construction will be capitalized is:

Reference no: EM132737838

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What income tax payable if the cost of construction will be

Reference no: EM132737838

Reference no: EM132737838

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