problem 16-7 (IAA) Complex Company reported the following informasi relating to income before tax for...
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Accounting
problem 16-7 (IAA) Complex Company reported the following informasi relating to income before tax for accounting purposes 2.000.000 3621 3200,000 3092 1020 Income tax rate In 2020, the entity recognized doubtful counts of P100,000 Such accounts were considered worthless or unclectible in 2021 Analysis of the tax and book records disclosed P120.000 unearned rent income on December 31, 2020 that has been recognized as taxable income in 2020 when the cash was crowd Also on December 31, 2020, estimated warranty cont of P300,000 had been recognized as expense on the books 2020 when the product sales were made but is not deductible for tax purposes until paid. The unearned rent income on December 31, 2020 is realisad and the actual warranty payments were made as follows: 2021 2022 2023 Rent income per book 40,000 0,000 40.000 Actual warranty payments 20,000 80,000 200.000 Required: 1. Prepare journal entries for 2020 2021 2022 and 2023 to record income tax expense and deferred income taking from the temporary differences. 2. Present the deferred tax asset on December 31, 2001
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