The accountant of Monkey King Company presented to you the following information in line with your...

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The accountant of Monkey King Company presented to you the following information in line with your 2022 audit of Monkey King Company's income tax related balances: Pre-tax financial income Impairment loss on Machinery Unearned rental income Prepaid advertising expense Interest income on time deposit Excess tax depreciation over accounting depreciation Installment sale which will be recognized as taxable income upon collection Bad debts expense using a method under accrual basis Provision for warranty Unrealized loss on trading securities Impairment loss on goodwill Capitalized development cost Income tax rate is constant 56) How much is the total income tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 57) How much is the deferred tax asset at December 31, 2022? A. 586,500 B. 501,000 C. 58) How much is the deferred tax liability at December 31, 2022? A. 586,500 B. 501,000 C. 59) How much is the current tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 586,500 298,500 298,500 586,500 D. 360,000 D. 202,500 D. 202,500 D. 360,000 3,000,000 50,000 350,000 250,000 80,000 420,000 900,000 75,000 180,000 20,000 30,000 100,000 30% The accountant of Monkey King Company presented to you the following information in line with your 2022 audit of Monkey King Company's income tax related balances: Pre-tax financial income Impairment loss on Machinery Unearned rental income Prepaid advertising expense Interest income on time deposit Excess tax depreciation over accounting depreciation Installment sale which will be recognized as taxable income upon collection Bad debts expense using a method under accrual basis Provision for warranty Unrealized loss on trading securities Impairment loss on goodwill Capitalized development cost Income tax rate is constant 56) How much is the total income tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 57) How much is the deferred tax asset at December 31, 2022? A. 586,500 B. 501,000 C. 58) How much is the deferred tax liability at December 31, 2022? A. 586,500 B. 501,000 C. 59) How much is the current tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 586,500 298,500 298,500 586,500 D. 360,000 D. 202,500 D. 202,500 D. 360,000 3,000,000 50,000 350,000 250,000 80,000 420,000 900,000 75,000 180,000 20,000 30,000 100,000 30%

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56 The total income tax expense for the year 2022 is 885000 The calculation is as follows Pretax fin... View the full answer