Pine Company reported pretax financial income of P800,000 for the year ended December 31, 2018

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Pine Company reported pretax financial income of P800,000 for the year ended December 31, 2018.

In the computation of income taxes, the following data were considered:

 

Nontaxable gain               350,000

Depreciation deducted for tax purposes in excess of depreciation deducted

for book purposes          50,000

Estimated tax payment in 2018               70,000

Enacted tax rate              30%

What is the total income tax expense?

a. 120,000

b.   135,000

c.    240,000

d. 85,000