Answer what is required. with solution. thankyou so much Prod Property Plant and equipment...
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Answer what is required. with solution. thankyou so much
Prod Property Plant and equipment Inventory Trade receivables Trade payables Cash West Company disclosed the following assets and liabilities at carrying amount at year-end: current year. The tax rate is 30%. 1. Prepare journal entry to record the current tax expense. 2. Prepare journal entry to record the deferred tax liability. 2. Prepare journal entry to record the deferred tax asset. 4. Determine the net deferred tax expense or benefit. 5. Determine the total income tax expense. 10,000,000 5,000,000 4,000,000 3,000,000 6,000,000 2,000,000 The value for tax purposes for property and for plant and equipment was P7,000,000 and P4,000,000 respectively. The entity has made a provision for inventory obsolescence of P2,000,000 which is not allowable for tax purposes. Further, an impairment charge against trade receivables of P1,000,000 has been made. This charge will not be allowed in the current year for tax purposes. West Company reported accounting income before tax of P9,000,000 for the current year. There are no temporary differences at the beginning of the . Required
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