Reference no: EM132494665

An entity reported the following selected information for the current year:

Accounting income before tax 9,700,000

Interest Income on tax-exempt Municipal Bonds 300,000

Depreciation claimed on the tax return in excess of financial depreciation 500,000

Carrying amount of depreciable asset in excess of tax basis 800,000

Warranty expense reported on the income statement 200,000

Actual warranty expenditures 50,000

• The income tax rate is 30%. At the beginning of the current year, the entity reported deferred tax asset at zero and deferred tax liability at P90,000.

Question 1: What is the current tax expense for the current year?

Question 2: What is the total expense for the current year?

Question 3: What is the deferred tax liability at yearend?

Question 4: What is the deferred tax asset at yearend?