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 $ 230,000
Permanent difference (14,600)
215,400
Temporary difference-depreciation (20,700)
Taxable income $ 194,700
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
$57,500
$5,175
$48,675
$53,850
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