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When a long-term note is given in exchange for equipment, the amount considered as paid...

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Accounting

When a long $-$ term note is given in exchange for equipment, the amount considered as paid

for the machine is the:

Multiple Choice

a $)$ Present value of cash outflows discounted at the stated rate.

b $)$ Wholesale price.

c $)$ Present value of the note payments discounted at the market rate.

d $)$ Invoice price.

The process of assigning the cost of postretirement benefits to the years during which those

benefits are assumed to be earned by employees is called:

Multiple Choice

a $)$ Restitution.

b $)$ Retribution.

c $)$ Attribution.

d $)$ Assignation.

Information for Kent Corporation for the year $2024$ :

Reconciliation of pretax accounting income and taxable income:

Pretax accounting income $ $180, 000$

Permanent differences $(15, 000)_{?}$

$, 165, 000$

$\$ table $[[$ Temporary difference $-$ depreciation $(12, 000),], [$ Taxable income,$ $153, 000]]$

Cumulative future taxable amounts all from depreciation temporary differences:

As of December $31, 2023$

As of December $31, 2024$

$ $25, 000$

The enacted tax rate was $25 %$ for $2023$ and thereafter.

What would Kent's income tax expense be in the year $2024 ?$

Multiple Choice

a $)$ $ $35, 250$

b $)$ $ $38, 250$

c $)$ $ $41, 250$

d $)$ None of these answer choices are correct.

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