Chandler Corporation reported pre-tax book income of $1,900,000. Tax depreciation exceeded book depreciation by $600,000....
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Chandler Corporation reported pre-tax book income of $1,900,000. Tax depreciation exceeded book depreciation by $600,000. During the year the Company capitalized $250,000 into ending inventory under 263A. Capitalized inventory costs of $150,000 in beginning inventory were deducted as part of cost of goods sold on the tax return. Assuming a tax rate of 21%, compute the companys taxes payable or refundable.
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