Use the following information for the next four (4) questions: The accountant of Monkey King...
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Accounting
Use the following information for the next four (4) questions: 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 3,000,000 Impairment loss on Machinery 50,000 Unearned rental income 350,000 Prepaid advertising expense 250,000 Interest income on time deposit 80,000 Excess tax depreciation over accounting depreciation 420,000 Installment sale which will be recognized as taxable income upon collection 900,000 Bad debts expense using a method under accrual basis 75,000 Provision for warranty 180,000 Unrealized loss on trading securities 20,000 Impairment loss on goodwill 30,000 Capitalized development cost 100,000 Income tax rate is constant 30% 56) How much is the total income tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 586,500 D. 360,000 57) How much is the deferred tax asset at December 31, 2022? A. 586,500 B. 501,000 C. 298,500 D. 202,500 58) How much is the deferred tax liability at December 31, 2022? A. 586,500 B. 501,000 298,500 D. 202,500 c. 59) How much is the current tax expense for the year 2022? A. 1,183,500 B. 885,000 C. 586,500 D. 360,000
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