80.2K
Verified Solution
Link Copied!
A company paid $150,000 of income tax for 2013. During the year, the company recognized $80,000
of interest revenue from municipal bonds. Income from municipal bonds are tax exempt. The
company's net deferred tax assets increased from $45,000 to $75,000. The income tax rate is 30
percent. What is the amount the company should report as its pretax accounting income for 2013?
The Answer is $480,000 but need the explanation on we how we got the answer.
Answer & Explanation
Solved by verified expert
