8. The following information relates to Boss Freightways for its first year of operations: ...
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Accounting
8. The following information relates to Boss Freightways for its first year of operations:
Pretax accounting income: 192
Pretax accounting income included:
Municipal bonds interest (not taxable for tax purposes): 8
Depreciation expense: 70
Depreciation in the tax return: 120
The applicable tax rate is 25%. There are no other temporary or permanent differences. BOSS net income is:
1. 140 million
2. 142 million
3. 144 million
4. 146 million
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