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xeze [42]
3 years ago
14

Item8 4 points Time Remaining 44 minutes 36 seconds00:44:36 Item 8 Time Remaining 44 minutes 36 seconds00:44:36 Information for

Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,000 Permanent differences (15,000 ) 165,000 Temporary difference-depreciation (12,000 ) Taxable income $ 153,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $ 13,000 As of December 31, 2021 $ 25,000 The enacted tax rate was 25% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021
Business
1 answer:
arsen [322]3 years ago
8 0

Answer: $38,250

Explanation:

Current portion of tax is the amount of tax payable on the current taxable income:

= Taxable income * tax rate

= 153,000 * 25%

= $38,250

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Database Systems is considering expansion into a new product line. Assets to support expansion will cost $750,000. It is estimat
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Explanation:

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4 0
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