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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

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income $ 350,000
Permanent difference (14,500 )
335,500
Temporary difference-depreciation (19,100 )
Taxable income $ 316,400

Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?

Multiple Choice

a) $130,845.

b) $136,500.

c) $123,396.

d) $7,449.

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