For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable...
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Accounting
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 270,000 Permanent difference (15,500 ) 254,500 Temporary difference-depreciation (19,800 ) Taxable income $ 234,700 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations? Multiple Choice $63,625. $67,500. $58,675. $4,950. x
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