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  3. el co. reported net income for the current year 20

EL Co. reported net income for the current year 2021 at 560,000 before provision of...

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Accounting

EL Co. reported net income for the current year 2021 at 560,000 before provision of income tax during the year. To compute the provision for income tax, the following data are provided: Tax depreciation in excess of financial statement amount - 36,500 Interest income received - 80,500 Rent received in advance - 175,000 Dividend income - 91,700 Estimated tax payment in the current year - 65,000 Provision for bad debts not yet recognized for tax purposes on the current year - 48,300 Tax penalties due to late filing on tax return - 20,000 Corporate tax rate 30% Required: 11. How much is the taxable income for the year? 12. How much is the current tax expense for the year? 13. What is the total deferred tax asset to be presented in the 2021 Statement of Financial Position?

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