Nalad Corp. provided the following data related to accounting and taxable income: 20X8 20X9 Pre-tax...
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Accounting
Nalad Corp. provided the following data related to accounting and taxable income: 20X8 20X9 Pre-tax accounting income (financial statements) $ 440,000 $ 460,000 Taxable income (tax return) 260,000 640,000 Income tax rate 38 % 38 % There are no existing temporary differences other than those reflected in these data. There are no permanent differences.
Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used?
Tax Expense
20X8
20X9
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