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Project Description:

use for questions 4 & 5: rowen, inc. had pre-tax accounting income of $900,000 and a tax rate of 40% in 2010, its first year of operations. during 2010 the company had the following transactions:

received rent from jane, co. for 2011: $32,000
municipal bond income: $40,000
depreciation for tax purposes in excess of book depreciation:
$20,000
installment sales revenue to be collected in 2011:
$54,000

4. for 2010, what is the amount of income taxes payable for rowen, inc? (5 points)
a. $301,600
b. $327,200
c. $343,200
d. $386,400



5. at the end of 2010, which of the following deferred tax accounts and balances is reported on rowen, inc.’s balance sheet? (5 points)
account _ balance
a. deferred tax asset $12,800
b. deferred tax liability $12,800
c. deferred tax asset $20,800
d. deferred tax liability $20,800
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