Gene Justine A.

Sacdalan
Accounting 18
November 6, 2021

1.B
600,000x30%= 180,000
1,100,000x30%= 330,000
150,000

credit Differed tax liability 150000

2.C
180,000
550,000x30% 165,000
15,000
Journal entry
Differed tax asset 15,000
Income tax benefit 15,000

3.A
380,000x30%=114,000
4.C
114,000
90,000x30%= 27,000
141,000
5.C
160,000
100,000
430,000
760,000
1,450,000

6.B
1,450,000
10,200
114,000
48,000
60,000
1,684,200

7.A
480,000 x 5 x 30%
720,000

8.A
900,000x30%=270,000
9.D
2,400,000 x 30%=
720,000

10.A
Taxable income for 2016
2,400,000
Future taxable temporary difference - depreciation
2,400,000
Future deductible temporary difference - litigation
(900,000)
Pretax accounting income for 2016
3,900,000

11.A
Pretax accounting income for 2016
3,900,000
Income tax expense
Current
720,000
Deferred (720,000-270,000)
450,000
(1,170,000)
Net Income
2,730,000

12.A
(P40,000 + P60,000 + P20,000 = P120,000 x 30%)=36,000

13.C
(P400,000 x 30%)= 120,000

14.C
1040,000x30%=312,000

15.A
312,000+36,000-120,000=228,000

16.B
5,000,000
3,000,000
1,500,000
6,000,000
15.500,000
17.A
4,000,000
2,500,000
3,500,000
1,000,000
11,000,000

18.B
P2,200,000
Accumulated depreciation
(2,200,000/ 40 x 3)
(165,000)
Carrying amount
P2,035,000

19.A
Sale price
P2,900,000
Carrying amount
(2,035,000)
Gain on disposal
=P865,000

20.B
Property 1 3,200,000 3,500,000 P300,000
Property 2 3,050,000 2,850,000 (200,000)
Property 3 3,850,000 3,600,000 (250,000)
(150,000)

21.A
9,000,000/30=300,000

22.A
9,000,000
9,000,000/30x2 600,000
8,400,000

23.C
20,000,000
(35,000,000)
=15,000,000

24.C
15,000,000
(10,000,000)
=5,000,000
25.A
6,000,000x8%=480,000

26.A
12,000,000x8%=960,000

27.D
600,000x9%=990,000

28.A
30,000,000x9%=2,700,000

29.B
10,000,000x5/.08=1,450,000

30.D
0