Bodner Corporation's income statement for the year ended December 31, 2014, shows a pretax income of $1,000,000.
Fantastic news! We've Found the answer you've been seeking!
Question:
Bodner Corporation's income statement for the year ended December 31, 2014, shows a pretax income of $1,000,000.
The following items are treated differently on the tax return and in the accounting records:
Tax Accounting Return Records
Rent income ........................... $ 70,000 $120,000
Depreciation expense .................. 280,000 220,000
Premiums on officers' life insurance .. -- 90,000
Assume that Bodner's tax rate for 2014 is 30 percent. What is the amount of income tax payable for 2014?
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date: