Pretax financial income for Lake plc is 300,000, and its taxable income is 100,000 for 2022. Its
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Pretax financial income for Lake plc is £300,000, and its taxable income is £100,000 for 2022. Its only temporary difference at the end of the period relates to a £70,000 difference due to excess depreciation for tax purposes. If the tax rate is 40% for all periods, compute the amount of income tax expense to report in 2022. No deferred income taxes existed at the beginning of the year.
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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