Packard Corporation reported pretax book income of $501,400. Included in the computation were favorable temporary differences of

Question

2 years ago

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Packard Corporation reported pretax book income of $501,400. Included in the computation were favorable temporary differences of

$11,400, unfavorable temporary differences of $101,400, and unfavorable permanent differences of $80,700. The corporation's current income tax expense or benefit would be:

Mathematics

1 answer:

Alik [6] · Answer 1 · 2022-05-23T01:56:41+03:00

Answer:

The answer is: The amount of: $ 330,700.

Step-by-step explanation:

Packard Corporation had a pre-tax book income of $ 501,400. Then he has a favorable amount of $ 11,400 that he would therefore add, and unfavorable amounts of $ 101,400 and $ 80,700 that would be subtracted. The current expense or benefit of the corporation's income tax would be: 501,400 + 11,400 - 101,400 - 80,700 = $ 330,700.

The answer is: The amount of: $ 330,700.