In 2021, Mini reports $1,377,600 of pretax book net income. Mini did not recognize any...
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Accounting
In 2021, Mini reports $1,377,600 of pretax book net income. Mini did not recognize any bad debt expense for book purposes in 2021 but did deduct $119,400 in bad debt expense for tax purposes. Mini reports no other temporary or permanent differences. The applicable U.S. Federal corporate income tax rate is 21%, and Mini earns an after-tax rate of return on capital of 8%.
If required, round your answer to nearest dollar.
For 2021, compute Mini's current income tax expense.
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