Question: DNH operates in the tax jurisdiction of P-land where the currency is the P$. P-land requires businesses to use tax depreciation, not accounting depreciation, and disallows entertainment costs, customer gifts and legal fees for tax purposes. The accounting profit for the current year is P$275,000 and the current tax rate is 20%. The accounting profit for the current year includes the following: Customer gifts P$8,000. Entertaining costs P$30,000. Legal fees P$17,000. Accounting depreciation P$45,000 (for which tax depreciation in accordance with P-land's tax rules is P$56,000). Calculate the tax expense posted to the statement of profit or loss for the current year