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Viking Company reported in the income statement for the current year a pretax income of...

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Accounting

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Viking Company reported in the income statement for the current year a pretax income of P1,000,000. The following items are treated differently in the tax return and the accounting records: The tax rate is 30%. The entity is the beneficiary of the officers' life insurance policies, making it a permanent difference. What is the total tax expense for the current year? a. 360,000 b. 300,000 c. 294,000 d. 327,000 In 2X1, Argentina Company recelved an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2X2. The income statement and tax return showed the following: Viking Company reported in the income statement for the current year a pretax income of P1,000,000. The following items are treated differently in the tax return and the accounting records: The tax rate is 30%. The entity is the beneficiary of the officers' life insurance policies, making it a permanent difference. What is the total tax expense for the current year? a. 360,000 b. 300,000 c. 294,000 d. 327,000 In 2X1, Argentina Company recelved an advance payment of P1,000,000, which was subject to tax but not reported in accounting income until 2X2. The income statement and tax return showed the following

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