Question: Instruction: Answer the following questions below and Explain as much as possible. Thank you so much :) South Africa Company reported a taxable income of
Instruction: Answer the following questions below and Explain as much as possible. Thank you so much :)
| South Africa Company reported a taxable income of | 2,575,000 | ||||||
| The reconciling items are as follows: | |||||||
| Interest income on savings deposit | 23,500 | ||||||
| Book depreciation in excess of tax depreciation | 175,300 | ||||||
| Actual claim paid over accrual of product liability claim | 375,100 | ||||||
| Tax rate | 30% |
| Sweden Company reported an accounting income of P3,150,000 for the year 2019. | |||||||
| Interest income on savings deposit | 28,700 | ||||||
| Book depreciation in excess of tax depreciation | 175,200 | ||||||
| Rent collected for 2019, 2020, and 2021 | 720,000 | ||||||
| Tax rate | 30% | ||||||
| How much is the income tax expense- current? |
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