On December 31, 2021, Ora Company has revalued its property and has recognized the increase from...

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On December 31, 2021, Ora Company has revalued its property and has recognized the increase from the revaluation in its financial statements. The carrying value of the property before the revaluation was P9,800,000 and the revalued amount was P12,500,000. However, the tax base of the property was only P8,250,000. The income tax rate is 30%. What is the deferred tax asset or liability on December 31, 2021? On December 31, 2021, Ora Company has revalued its property and has recognized the increase from the revaluation in its financial statements. The carrying value of the property before the revaluation was P9,800,000 and the revalued amount was P12,500,000. However, the tax base of the property was only P8,250,000. The income tax rate is 30%. What is the deferred tax asset or liability on December 31, 2021? On December 31, 2021, Ora Company has revalued its property and has recognized the increase from the revaluation in its financial statements. The carrying value of the property before the revaluation was P9,800,000 and the revalued amount was P12,500,000. However, the tax base of the property was only P8,250,000. The income tax rate is 30%. What is the deferred tax asset or liability on December 31, 2021? On December 31, 2021, Ora Company has revalued its property and has recognized the increase from the revaluation in its financial statements. The carrying value of the property before the revaluation was P9,800,000 and the revalued amount was P12,500,000. However, the tax base of the property was only P8,250,000. The income tax rate is 30%. What is the deferred tax asset or liability on December 31, 2021?

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The deferred tax asset or liability resulting from the revaluation of the property ca... View the full answer