Crane Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for...
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Crane Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2100000 Tax exempt interest (138000) Originating temporary difference (426000) Taxable income $1536000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. What amount should be reported in its 2021 income statement as the current portion of its provision for income taxes? $460800 O $307200 O $420000 $630000 Crane Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2021 $2100000 Tax exempt interest (138000) Originating temporary difference (426000) Taxable income $1536000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. What amount should be reported in its 2021 income statement as the current portion of its provision for income taxes? $460800 O $307200 O $420000 $630000
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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