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For the year ended December 31, 2020, Talisay Company reported accounting profit of P9,500,000. Its...

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Accounting

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For the year ended December 31, 2020, Talisay Company reported accounting profit of P9,500,000. Its taxable profit was P9,000,000. The difference is due to accelerated depreciation for income tax purposes. The income tax rate is 35% and Talisay made estimated tax payment during 2020 of P1,000,000. What should Talisay report as current tax payable as of December 31, 2020? a. P3,150,000 c. P3,325,000 b. P2,150,000 d. P2,325,000

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