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Beginning Balance, Dec. 31, 20xx
Creditable Income Tax 211,829.00
Income Tax Payable (132,808.00) >
Balance 79,021.00
ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx
Normal Tax (30% of Taxable Income) 2,205.02
MCIT (2% of Gross Income) 7,865.71
Aggregate Income Tax Due
(Normal Tax vs. MCIT whichever is hihger) 7,865.71
Less: Tax Credits/Payments
Prior Years Excess Credits 79,021.00
Creditable Tax Withheld - 79,021.00
Tax Payable, per return (71,155.29)
What should be the entry in my book to record the above transactions? Thank you!
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