Pretax accounting income for the year ended December 31, 2021, was $45 million for Truffles Company....
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Pretax accounting income for the year ended December 31, 2021, was $45 million for Truffles Company. Truffles' taxable income was $62 million. This was a result of differences between straight-line depreciation for financial reporting purpases and accelerated depreciation for tax purposes. The enacted tax rate is 20% for 2021 and 30% thereafter. What amount should Truffles report as the current portion of income tax expense for 2021? (Round your answer to the nearest whole million.) Muitipie Choice $12 million $9 million $14 million $19 million Pretax accounting income for the year ended December 31, 2021, was $45 million for Truffles Company. Truffles' taxable income was $62 million. This was a result of differences between straight-line depreciation for financial reporting purpases and accelerated depreciation for tax purposes. The enacted tax rate is 20% for 2021 and 30% thereafter. What amount should Truffles report as the current portion of income tax expense for 2021? (Round your answer to the nearest whole million.) Muitipie Choice $12 million $9 million $14 million $19 million
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Related Book For
Principles of Managerial Finance
ISBN: 978-0133507690
14th edition
Authors: Lawrence J. Gitman, Chad J. Zutter
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