PROBLEM At the beginning of 2022, DORY Co. purchased an ass
PROBLEM At the beginning of 2022, DORY Co. purchased an asset for… PROBLEM At the beginning of 2022, DORY Co. purchased an asset for P600,000 with an estimated useful life of 5 years and an estimated salvage value of P50,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining balance method is being used. DORY Co.’s tax rate is 40% for 2022 and all future years.1. At the end of 2022, what is the book basis and the tax basis of the asset? a. Book basis – P440,000; Tax basis – P310,000b. Book basis – P490,000; Tax basis – P310,000c. Book basis – P490,000; Tax basis – P360,000d. Book basis – P440,000; Tax basis – 360,000 2. At the end of 2022, which of the following deferred tax accounts and balances is reported on DORY’s balance sheet? a. Deferred tax asset – P52,000b. Deferred tax liability – P52,000c. Deferred tax asset – P78,000d. Deferred tax liability – P78,000 Business Accounting
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