Question: In 2011 Shafali Corporation had accounting income of 248 000 and
In 2011, Shafali Corporation had accounting income of $248,000 and taxable income of $198,000. The differ ence is due to the use of different depreciation methods for tax and accounting purposes. The tax rate is 40%. Calculate the amount to be reported as income taxes payable at December 31, 2011.
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