Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2023 data are provided: Income from exempt municipal bonds- $100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes- 200,000 Income tax rate- 20% What amount of current federal income tax liability should be included in caramel Company's December 31. 2023 balance sheet?
Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2023 data are provided: Income from exempt municipal bonds- $100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes- 200,000 Income tax rate- 20% What amount of current federal income tax liability should be included in caramel Company's December 31. 2023 balance sheet?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
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Caramel Compnay's 2023 Income Statement shpwed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2023 data are provided:
Income from exempt municipal bonds- $100,000
Income tax rate- 20%
What amount of current federal income tax liability should be included in caramel Company's December 31. 2023 balance sheet?
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