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Ne4ueva [31]
3 years ago
7

For the current year ($ in millions), Central Park Corp. had $80 in pretax accounting income. This included bad debt expense of

$6 based on the allowance method, and $20 in depreciation expense. Two million in receivables were written off as uncollectible, and MACRS depreciation amounted to $35. In the absence of other temporary or permanent differences, what was Central Park's taxable income
Business
1 answer:
KatRina [158]3 years ago
8 0

Answer:

$69

Explanation:

Calculation for Central Park's taxable income

Pretax accounting income $80

Less Temporary differenceDepreciation (15)

($35 – $20)

Bad debt expense $4

($6 – $2)

Taxable income$69

($80-$15+$4)

Therefore Central Park's taxable income will be $69

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