A domestic corporation in its fifth year of operations in 2005 had the

A domestic corporation in its fifth year of

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6. A domestic corporation, in its fifth year of operations in 2005, had the following data:SalesP2,000,000Cost of sales1,000,000Business expenses950,000The income tax of the corporation is:a. P16,000b. P20,000c. P1,000d. P340,000Numbers 7 to 11 are based on the following information:A domestic corporation which commenced business operations in 2000 has the following data:    2004 2005SalesP1,700,000P2,300,000Cost of sales1,050,0001,425,000Operating expenses615,000480,0007. The income tax payable in 2004 is:8.The journal entry in 2004 to record excess MCIT is: 
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Page 3 of 39.The income tax payable in 2005 is: 10.The journal entry in 2005 to record the carry forward of excess MCIT against normal income tax liability in 2004 is: a. Deferred charges – MCITP   1,800Income tax payableP   1,800b. Provision for income tax124,600Income tax payable124,600c. Income tax payable1,800Deferred charges – MCIT1,800d. Income tax payable1,800Cash1,80011. What if even after 2004 the MCIT still continues to be higher than the RCIT? The journal entry at December 31, 2007, to cancel the excess MCIT in 2004 is:12. The imposition of minimum corporate income tax shall not be suspended whenever the corporation suffers losses due to
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