Standard Publishing Ltd. has accounting net income of $88500 for the year. During the year, the company acquired goodwill at a cost of $189000. Since there was no impairment of the goodwill during the year, no write-down was required for accounting purposes. Additionally, premium amortization on the company's bonds payable was $4200 for the year. Assume these are the only differences between accounting net income and net income for tax purposes this year. What is the company's net income for tax purposes

Answer rating: 100% (QA)

Goodwill is not taxdeductiblewhile premium amortization of bonds payable isThere... View the full answer