Grim Company reported pretax financial statement income of P200,000 and taxable income of P150,000. The difference...

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Grim Company reported pretax financial statement income of P200,000 and taxable income of P150,000. The difference is due to the following: Interest in municipal bonds Premium on municipal bonds Total 70,000 (20,000) 50,000 The income tax rate is 30%. What amount should be reported as current provision for income tax expense? Grim Company reported pretax financial statement income of P200,000 and taxable income of P150,000. The difference is due to the following: Interest in municipal bonds Premium on municipal bonds Total 70,000 (20,000) 50,000 The income tax rate is 30%. What amount should be reported as current provision for income tax expense?

Answer rating: 100% (QA)

To calculate the current provision for income tax expense we need to d... View the full answer