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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable...

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Accounting

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For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $260,000 Permanent difference (14,500) 245,500 Temporary difference-depreciation (20,200) Taxable income $225,300 Tringali's tax rate is 35%. Assume that no estimated taxes have been paid What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Multiple Choice $34,700. Be $20,200 Tringali's tax rate is 35%. Assume that no estimated taxes have been paid. What should Tringali report as its deferred income tax liability as of the end of its first year of operations? Multiple Choice $34,700. $20,200 $7070. $12,145

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