32.How much is the current tax expense?1 *Your answer33. How much is the total tax expense? *Your answer34. What is the total deferred tax asset to be presented in the 2014 Statement of Financial Position? *Your answer35. What is the total deferred tax liability to be presented in the 2014 Statement of Financial Position? *Your answer36. Assuming that the expected income tax rate for the following year is 35%, what is the total tax expense? *Your answer37. Assuming that the expected income tax rate for the following year is 35%, what is the total deferred tax liability? *Your answer38. Assuming that the expected income tax rate for the following year is 35%, what is the total deferred tax asset? *Your answer

ABC Co. reported net income for the current year 2014 at P10,000,000 before taxes. Included in the determination of the said net income were: Permanent differences Non-deductible expense 100,000 Non-taxable income 500,000 Temporary differences Accrued warranty expense 250.000 Rental payments made in advance 400,000 Advance collections from customers 500,000 Provision for probable losses 900.000 The income tax rate is 40% and is not expected to change in the future