DAC reported pre-tax accounting income of $300,000 for the calendar year 2020. To calculate the income tax
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Question:
CCA in excess of depreciation $20,000
Instalment of advance tax payments made during 2020 $25,000
Enacted income tax rate for 2020 30%
What amount should DAC report as its current income tax liability on its December 31, 2020 Balance Sheet?
Select one:
a. $20,000
b. $26,000
c. $59,000
d. $51,000
e. The current income tax liability cannot be determined from the information given.
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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