Bedford had this info at the end of 2024, its first year of operations:

Pretax book income. $800000.

Estimated litigation expense $200000

Excess of taxer book deprecation $300000

Interest income on municipal bonds $100000.

No other permanent or temporary differences exist. The litigation item will be paid in 2025. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable.

The 12/31/24 Income Tax Payable isBedford had this info at the end of 2024, its first year of operations:

Pretax book income. $800000.

Estimated litigation expense $200000

Excess of taxer book deprecation $300000

Interest income on municipal bonds $100000.


No other permanent or temporary differences exist. The litigation item will be paid in 2025. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable.

The 12/31/24 Income Tax Payable is?

Answer rating: 100% (QA)

To calculate the 123124 Income Tax Payable for Bedford we need to ... View the full answer