12017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) QUIZ 3 - Intermediate Accounting 2 (1st Semester SY2324) Leases and Accounting for Income Tax READ ME FIRST: 1. Your gadget and internet connection will be your primary responsibility. As much as possible, prepare a backup for internet connection (especially for students who are dependent on WIFI plugged via electricity) 2. Avoid refreshing the browser/link to avoid technical issues. 3. Avoid opening other applications/tabs in your browser. They may interrupt not only your internet connection but also the MS Forms. 4, Maintain screenshots of your answers that can be used in case of an emergency. 5. For the problem solving cases, please present your solutions in good form ina separate worksheet. | will be requiring you to submit after the quiz. Non-compliance will result to invalidation of your score for the problem solving part. 6. Make sure to choose/put your correct section. 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When you submit this form, the owner will see your name and email address. * Required 1 Which of the following is not an inclusion in the initial cost of the right-of-use asset? * O (1 Point) tps: forms office. compagestresponsepage.aspx?d=3FEkgO7V/4EadéTiEe-m3zHo_Nf_GH_9EmTSHOGQvgPEURVI2QDJOMMGREFGTINWTIK... 1/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) CO Present value of lease payments not yet paid at commencement © Lease payments made to the lessor at commencement date @ initial direct costs incurred by the lessor CO Estimated costs for dismantling and removing the asset 2 The right of use asset shall be carried under any of the following methods, except: * OQ (1 Point) © Cost model and accounted for under IAS 16. © As investment property and accounted for under IAS 40 © Asa financial asset at FVOCI and accounted for under IFRS 9 @ Revaluation model and accounted for under IAS 16 3 Every payment date, the lease liability of the lessee would be periodically reduced by the: * OQ (1 Point) © ease payment © tease payment iss deprecation expense, @ ease payment add portion allocable to interest hntps:forms.offce.comipagesttesponsepagt 19px7sd=3FBAGOTVAE addTIE@-mSzHo_Nt_QH_9&mTSHCGQvgPAURVIZQDJOMMGREFGTINTIK... 222612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) © lease payment less portion allocable to interest 4 In computing the depreciation of a right-of-use asset, the lessee should subtract: * OQ (1 Point) @ a guaranteed residual value and depreciate over the term of the lease. © an unguaranteed residual value and depreciate over the term of the lease © a guaranteed residual value and depreciate over the life of the asset. © an unguaranteed residual value and depreciate over the life of the asset. The Lease Liability account should be presented as: * (1 Point) all current liabilities all non-current liabilities. current portions in current liabilities and the remainder in non-current liabilities. deferred credits, o@OoO°0 6 The equal monthly rental payments made by the lessee, in a lease with a term of less than one year of a low-value asset shall be: Norms offce.comIpagesiresponsepage.0spx?=3FkgO7V/4EadéTiEe-m3zHo_Nt_QH_9EmTSHCGQvgPEURVIZQDJOMMGREFGTINWTIK... 3/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) * OQ (1 Point) recorded as reduction of lease lability. recorded partly as interest expense and partly a reduction of lease liability. recorded as rent expense, Oo@®@OoO°0 recorded as interest expense and depreciation expense. 7 Which of the following would not be included in the Lease Receivable account? * OB (1 Point) © Guaranteed residual value © Unguaranteed residual value © Abargain purchase option @ Altwould be included 8 In a direct financing lease, the unearned interest revenue of the lessor is: * GQ (1 Point) ©@ tecognized in full in profit or loss at the commencement of the lease. © tecognized in profit or loss over the period of lease using the effective interest method. © tecognized in profit or loss over the period of lease using the straight-line method, hntps:forms.offce.comipagesttesponsepagt 19px7sd=3FBAGOVAE addTIEe-mSzHo_Nt_QH_9&mTSHCGQvgPAURVIZQOOMMGREFGTINTIK... 42812017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) O recognized in full in profit or loss at the end of the lease term. When lessors account for residual values related to right-of-use asset, they: * OQ (1 Point) always include the residual value because they always assume the residual value will be realized. include the unguaranteed residual value in sales revenue, recognize more gross profit on a sales-type lease with a guaranteed residual value than on a sales-type lease with an unguaranteed residual value. © allof these answers are true with regard to lessors and residual values. 10 A lessor with a dealer's lease involving an unguaranteed residual value available to the lessor at the end of the lease term will report sales revenue in the period of inception of the lease at which of the following amounts? * OG (1 Point) © The minimum lease payments plus the unguaranteed residual value. @ The present value of the minimum lease payments. © The cost of the asset to the lessor, less the present value of any unguaranteed residual value. © Te Present value ofthe minimum lease payments plus the present value of he unguaran- teed residual value, Norms office. comIpagesiresponsepage.0spx?=3FkgO7V/4EadéTiEe-mSzHo_Nt_QH_9EmTSHOGQvgPEURVI2QDJOMMGREFGTINTIK... 572612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) " Under IAS 12, which of the following statements is incorrect? * 1 (1 Point) © Accounting profit is the net profit or loss for a period before deducting income tax expense. @ Tisvle Profits the prof or loss forthe period determined in accordance with the rules e5- tablished by taxation authorities upon which taxes are payable. © Current tax expense is the amount of income tax payable in respect of accounting profit. © Tmarense's the aggregate amount incu inthe determination of poftor loss forthe period in respect of current and deferred tax. 2 Statement |. IAS 12 states that when an enterprise makes a distinction between current and non-current assets and liabilities in its financial statements, it should not classify deferred tax assets (liabilities) as current assets (liabilities). Statement II. Corporation is obliged to pay BIR, the lower between the Basic Corporate income Tax (BCIT) and Minimum Corporate Income Tax (MCIT). * O (1 Point) @ Both statements are true. © Both statements are false. CE Statement Lis true; Statement Il is false. CO Statement lis false; Statement Il is true. hntps:forms.offce.comipagesttesponsepagt 19px7sd=3FBAGO7VAE addTIE@-mSzHo_Nt_GH_9&mTSHCGQvgPAURVIZQOJOMMGREFGTINTIK... 62612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) B The accounting recognition of the benefits for a tax loss carry forward in most situations should be reported as: * OQ (1 Point) © Anitem on the retained earnings statement, not income statement. © Aprior period adjustment in whichever year the benefit is realized © Amestracrdinary item in the year in which the benef i realize. @ A tecction floss in the yea of the os, 14 Statement |. When a tax loss is used to recover current tax of a previous period, an entity recognizes the benefit as an asset in the period in which the tax loss occurs because it is probable that the benefit will flow to the entity and the benefit can be reliably measured. Statement II. The criteria for recognizing deferred tax assets arising from the carryforward of unused tax losses and tax credits are the same as the criteria for recognizing deferred tax assets arising from deductible temporary differences. * OQ (1 Point) © Both statements are true. © Both statements are false. @ statement tis true; Statement iis false CE Statement lis false; Statement Il is true. hntps:forms.offce.comipagesttesponsepagt 19px7sd=FBAGOTVAE addTIEe-mSzHo_Nt_QH_9&mTSHCGQvgPAURVIZQOOMGREFGTINTIK... 7/2812017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) 15 Because a company uses different methods to depreciate equipment for financial statement and income tax purposes, it has temporary differences that will reverse during the next year and add to taxable income. Deferred income taxes that are based on these temporary differences should be classified in the balance sheet as a: * OQ (1 Point) © Contra-account to non-current assets © Contra-account to current assets @ Non-current tibites © Non-Current assets 16 An example of deductible temporary differences occurs when: * & (1 Point) The completed contract method in revenue recognition is used for tax purposes but percent age of completion method is used for financial purposes. Warranty expenses are recognized on the accrual basis for financial reporting purposes but recognized as the warranty conditions are met for tax purposes. The installment sales method is used for tax purposes but the accrual method for financial accounting. Accelerated depreciation is used for tax purposes but straight-line depreciation is used for ac- Oo Oo 8 O counting purposes. hntps:forms.offce.comipagesttesponsepagt 19px7sd=3FBAGOVAE addTIEe-mSzHo_Nt_GH_9&mTSHCGQvgPAURVIZQDJOMMGREFGTINTIK... 82512017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) "7 Statement |. The tax base of an asset is the amount that will be deductible for tax purposes against any taxable economic benefits that will flow to an entity when it recovers the carrying amount of the asset. Statement Il. Current tax for current and prior periods shall, to the extent unpaid, be recognized as an asset. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognized as a liability. * Q (1 Point) © Both statements are true. @ Both statements are false © Statement tis true; Statement iis false CO ‘Statement lis false; Statement Il is true. 18 Which of the following is the most likely item to result in a deferred tax asset? GQ (1 Point) © ising completed contract method of recognizing construction revenue for tax purposes but using percentage of completion method for financial reporting purposes. Using accelerated depreciation for tax purposes but straight-line depreciation for accounting purposes @ Unearned Revenues © Prepaid Expenses hntps:forms.offce.comipagesttesponsepagt 19px7sd=3FBAGOVAE addTIEe-mSzHo_Nt_QH_9&mTSHCGQvgPAURVIZQOJOMIGREFGTINTIK... 972612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) 19 A deferred tax liability uses: * O (1 Point) current tax laws, unless enacted future tax laws are different. expected future tax law, regardless of whether those expected laws have been enacted. © the current tax laws, regardless of expected or enacted future tax laws. © ‘ther erent or expected ure tax ws, regarcless of whether those expected laws have been enacted, 20 Which of the following is not a required disclosure under IAS 12 Income Taxes? * ] (1 Point) ‘The tax bases of major items on which deferred tax has been calculated. The amount of deductible temporary differences for which no deferred tax asset is recognized, The amount of taxable temporary differences associated with investments in subsidiaries for which no deferred tax liability is recognized. oOo 0 6 ‘The amount of income tax relating to each component of other comprehensive income, 21 For Numbers 21 to 23: ALBANIA Company acquired a machine by signing a four-year lease on January 1, 2022. Annual rentals of 1,000,000 are payable at the beginning of each lease hntps:forms.offce.comipagesttesponsepagt 19px7Hd=3FBAGOVAE addTIEe-mSzHo_N_GH_9&mTSHCGQvgPAURVIZQOJOMGREFGTINWTI... 10/2812017123, 1119 AM ours tracts Accounting 2 (it Semester SY2924) year starting January 1, 2022. ALBANIA is given the option to buy the machine for P250,000 on December 31, 2025, when the asset's market price is expected to be P1,250,000. The asset's useful life is 6 years, at the end of which the residual value is expected to be P600,000. ALBANIA uses a straight-line method to depreciate this asset. The implicit interest rate is 10%. The company follows the calendar year as its accounting period. (Round off the PV factor to four decimal places if applicable) How much is the Right of Use Asset at January 1, 2022? * OQ (2 Points) © 4,000,000 © ?3,657,650 © 3,340,650 © P3.560,500 22 How much is the Depreciation Expense to be recognized by ALBANIA in 2022? * Gy (2 Points) © Ps09,608 © Pase775 O P764,413 @ 609,608 23 How much is the Interest Expense to be recognized by ALBANIA in 2022? hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPAURVIZQOJOMMIGREFGTINWTIK.... 11/2612017123, 1119 AM ours * (2 Points) lermeciate Accounting 2 (1st Semester SY2324) © p234,065 © P2s4725 © 300,000 @ P265,765 24 For Numbers 24 to 26: ARMENIA Company acquired a machine by signing a five-year lease on January 1, 2022. Annual rentals of P500,000 are payable at the beginning of each lease year starting January 1, 2022. The machine is expected to have an unguaranteed residual value of P600,000 at the end of the lease term. The machine's useful life is 6 years, at the end of which the machine's residual value is expected to be 300,000. ARMENIA uses a straight-line method to depreciate this asset. The lessor’s implicit interest rate is 10%, which is known to ARMENIA. The company appropriately recorded the machine and the related liability on January 1, 2022. The company follows the calendar year as its accounting period. (Round off the PV factor to four decimal places if applicable) How much is the Right of Use Asset at January 1, 2022? * OQ (Points) © paas.430 © as00,000 @ Pr.084950 O paariseo hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kGO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPAURVIZQQJOMMIGREFGTINWTI,... 12/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) 25 How much is the Lease Liability at December 31, 2022?" (Q (2 Points) © Prizes.aas O prras.aas © 2:183,173 © Pts84950 26 How much is the Carrying Value of the Right of Use Asset at December 31, 2022? * O Points) O P1965,944 © P1,787,960 @ 71,737,458 O P1,667,960 27 For Numbers 27 to 28: AUSTRIA Company leased a furniture and fixture under a one-year contract. The lessor grants AUSTRIA two months of free rental. The lease is effective August 1, 2022, and provides for a monthly rental of P12,000. The first payment will begin ‘on October 1, 2021 hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQQJOMIIGREFGTINWTI,... 13/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) How much is the Prepaid Rent/Rent Payable at December 31, 2022? * OQ} (2 Points) © poinny @ P2000 O Pr0.000 O P4000 28 How much is the Rent Expense to be recognized by AUSTRIA in 2023? * Q @ Points) @ P4000 © P6000 © 70,000 © 0.000 29 For Numbers 29 to 31: BELGIUM Company leased a piece of equipment to a lessee on January 1, 2022. The lease is appropriately recorded as a direct financing lease by BELGIUM. The lease is for 5 years ending December 31, 2026. The first of 5 equal annual payments of P175,000 (excluding executory costs) was made on January 1, 2022. The cost of the equipment to BELGIUM is P730,000. The equipment has an estimated useful life of 6 years with a guaranteed residual value of P100,000. At the end of the lease term, the leased equipment reverts to the lessor. The hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQQJOMMIGREFGTINWTI.... 14/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) interest rate implicit in the lease is 10%. (Round off the PV factor to four decimal places if applicable) How much is the Finance Lease Receivable to be recorded at January 1, 2022? * OQ Points) @ 700,000 © 720,000 © 875,000 © 00,000 30 How much is the Discount on Finance Lease Receivable at January 1, 2022? * & (2 Points) © 30,000 © 30,000 © 145,000 © 170,000 31 How much is the Interest Revenue in 2022? * M (2 Points) © Pe7,s00 O P72,000 hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPAURVIZQQJOMMIGREFGTINWTI.... 15/2612017123, 1119 AM ours © Psss00 © P7000 lermeciate Accounting 2 (1st Semester SY2324) 32 For Numbers 32 to 34: BULGARIA Company, dealer of machinery and equipment, leased equipment to a lessee on January 1, 2022. The lease is appropriately accounted for as a sale by BULGARIA. The lease is for a 5-year period (the usefull life) of the asset expiring on December 31, 2026. The first of five equal annual payments of P250,000 was made on January 1, 2022. BULGARIA purchased the equipment for P900,000 on January 1, 2022. The lessor’s implicit interest rate is 10%. (Round off the PV factor to four decimal places if applicable) How much is Gross Profit in 2022? * O& Points) © 350,000 © P142,475 O Ps0,250 @ 47,700 33 How much is the Interest Revenue in 2022?* (1) (2 Points) © P 100,000 O Poat72 O Pr9248 hips: forms. offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQQJOMMIGREFGTINWTI.... 16/2612017123, 1119 AM ours @ °69,770 lermeciate Accounting 2 (1st Semester SY2324) 34 How much is the Finance Lease Receivable (net of discount) at December 31, 2022? * GQ @ Points) © P1.000,000 O Proaa.ars O 792.475 O poriz3 35 DENMARK Company sold machinery to OSTRICH Company for P1,900,000 on January 1, 2022. Because of the entity's commitment to its customers to provide their needs for the next three years, DENMARK simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows © Carrying amount of machinery - P1,700,000 * Remaining useful life of machinery - 8 years © Lease term - 3 years * Annual rent payable at the end of each year, starting on December 31, 2021 - P500,000 * Market rate of interest - 10% (Round off the PV factor to four decimal places if applicable) How much is the Right of Use Asset to be recorded by DENMARK at January 1, 2022? GQ (2 Points) hntps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPAURVIZQOJOMMIGREFGTINWTI,... 17/2612097128, 1119 AM O Pu OP OP (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) 243,450 900,000 112,561 © 1,500,000 36 For Numbers 36 to 40: FRANCE Company has an accounting income amounting to P'1,500,000 for the year ended December 31, 2022. The tax rate is 30%. The following are the addi tional information: Fines and penalties paid in violation of law - P15,000 Dividend revenue received from a domestic corporation ~ P10,000 Premium on life insurance policy on officers (company is the beneficiary) - P200,000 Interest on bank deposits already subjected to final withholding tax — 20,000 Impairment loss recognized on goodwill - P90,000 Excess tax depreciation over book depreciation - P30,000 Excess of warranty expense over actual expenditures - P27,000 Excess of estimated uncollectible accounts for financial reporting over the accounts actually written off for tax reporting - P12,000 Rent paid in advance of period incurred - P35,000 How much is the Non-Taxable Revenue? @ es Orn © pa GQ (2 Points) 0,000 (0,000 0,000 tps: forms office. compagestresponsepage.aspx?d=3FEkgO7V/4EadéTiEe-mSzHo_Nt_GH_9EmTSHOGQvgPEURVI2QDJOMMGREFGTINWTI... 18/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) © Pas,000 37 How much is the Non-Deductible Expense? * (1 (2 Points) © 200000 © 290.000 © 305,000 @ $215,000 38 How much is the Taxable Temporary Difference? * (1) (2 Points) © 65,000 © 92,000 © 39,000 O P77000 39 How much is the Deductible Temporary Difference? * (1%) (2 Points) © 2,000 © 69,000 hips: forms. offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQQJOMMIGREFGTINWTI.... 19/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) O 74,000 © 39,000 40 How much is the Taxable Income? * OQ @ Points) © ?1,775,000 © 1,500,000 © Prsst000 © P1,749,000 a For Numbers 41 to 43: GERMANY Company prepared a reconciliation between pretax financial income and taxable income at the end of 2022 as follows (see image below) The estimated litigation expense of P1,250,000 will be deductible in 2023 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of P500,000 each for 2023 and 2024. The estimated liability for litigation is classified as non-current and the installment accounts receivable are classified as P500,000 current and P500,000 non-current. The income tax rates are: 2022 - 30%; 2023 - 32%; and 2024 ~ 35% How much is the Total Income Tax Expense in 2022? * (2 Points) hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQQJOMMIGREFGTINWTI,... 20/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) Pretax financial income 500,00( Estimated litigation expense 1,250,00¢ Installment Sales (1,000,000 Taxable income 750,00¢ © Pr60,000 © 150,000 @ 225,000 © P14s,000 42 How much is the Deferred Tax Liability at December 31, 2022?7* (1 (2 Points) © 400,000 © 335,000 @ 300,000 © 320,000 43 How much is the Deferred Tax Asset at December 31, 2022? * (2 Points) @ °375,000 nips: forms office. compagestresponsepage.aspx?d=3FEkgO7V/4EadéTiEe-mSzHo_Nt_QH_9EmTSHOGQvgPEURVIZQDJOMMGREFGTINWTI... 21/2812017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) © 335,000 © 320,000 © 400,000 44 For Numbers 44 to 45: GREECE Company computed a pretax financial income of P2,200,000 for its first year of operations ended December 31, 2022. In preparing the income tax return, the accountant determined the following differences between financial and taxable income: * Non-deductible expenses — P400,000 * Non-taxable revenues — P150,000 * Temporary difference (installment sales reported in financial income but not in taxable income) ~ P700,000 The temporary difference is expected to reverse in 2023 — P140,000; 2024 — P320,000; and 2025 - P240,000. The enacted tax rates are 2022 - 30%, 2023 — 32%, 2024 — 34%, and 2025 - 35%. How much is the Income Tax Expense — Current in 2022? * OQ @ Points) © 945,000 @ 762,600 © se35,000 © 237,600 ntps:/orms office. compagestresponsepage.aspx?d=3FEkgO7V/4EadéTiEe-mSzHo_Nf_GH_9EmTSHOGQgPEURVIZQDJOMMGREFGTINWTI... 22/2612097128, 1119 AM 45 (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) How much is the Net Income after Tax in 2022? * OQ @ Points) © P1675,000 @ °1,437,400 © 987,400 © 1,465,000 46 For Numbers 46 to 48: HUNGARY Company has taxable income for the year 2022 amounting to 5,000,000. The tax bases for its assets and liabilities on December 31, 2022 are equal to their carrying amounts except for the following (see image below). The company’s statement of financial position on December 31, 2021, showed a deferred tax liability of P410,000 and a deferred tax asset of P480,000. The company is subject to an income tax rate of 30%. The company paid no income tax during 2022 relating to 2022 operations. How much is the Taxable Temporary Difference? * O @Points) Carrying Value Tax Base Accounts Receivable 1,900,000 1,750,00 Inventory 950,000 850,00 Equipment 10,000,000 8,800,00 Warranty Liability 800,000 200,00 Unearned Subscription 500,000 100,00 nips: rms office. compagestresponsepage.aspx?d=3FkgO7V/4EadéTiEe-m3zHo_Nt_QH_9EmTSHCGQvgPeURVI2Q0JOMMGREFGTINWTIL 231812017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) © 1,000,000 © 1,300,000 © 2,450,000 @ 1,450,000 47 How much is the Deductible Temporary Difference? * (1 (2 Points) © P24850,000 @ ?11000,000 O P1450,000 © P1:150,000 48 How much is the Total Income Tax Expense (Benefit) in 2022? * OQ (Points) © 1,705,000 © P 1,345,000 © P1500,000 © P1655,000 hitps:forms.offce.com/pagesitesponsepage.aspx?id-3F8kgO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPGURVIZQOJOMMIGREFGTINWTI.... 24/2612017123, 1119 AM ours lermeciate Accounting 2 (1st Semester SY2324) 49 For Numbers 49 to 50: ICELAND Company reported a profit before income tax of P200,000 in 2022. There were no differences between taxable profit and accounting profit. The revenue is P5,000,000 while the cost of sales is 2,250,000. The corporate tax rate is 25% while the minimum corporate income tax (MCIT) rate is 2%. ICELAND is expected to operate profitably in the succeeding years and its normal corporate income tax shall exceed the MCIT. The company started its operations in 2017. How much is the Income Tax Expense - Current in 2022? * @Q @ Points) @ 0.000 © 5,000 © P6000 © 70,000 50 How much is the Income Tax Payable at December 31, 2022? * OQ @ Points) @ °50,000 © 70,000 © 60,000 © 55,000 hips: forms. offce.com/pagesitesponsepage.aspx?id-3F8kGO7V4EadgTIEe-m3zHo_N{_QH_9EmTSHCGQvgPAURVIZQOJOMMIGREFGTINWTI... 25/2612017123, 1119 AM (QUIZ -Intermesiate Accounting 2 (1st Semester SY2324) 51 NAME (Surname, Given Name, Middle Name) * (1) Enter your answer 52 SECTION* (1) O Section 5 CO Section 7 O sections (J Send me an email receipt of my responses Microsoft 365 This content is created by the owner ofthe form. The data you submit will be sent to the form owner. Microsoft is not responsible for the privacy or security practices of its customers, including those of this form owner. 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