Question: Current Attempt in Progress During 2020, Monty Co's first year of operations, the company reports pretax financial income at $249,000. Monty's enacted tax rate

Current Attempt in Progress During 2020, Monty Co's first year of operations, the company reports pretax financial income at $249,000. Monty's enacted tax rate is 45% for 2020 and 20% for all later years. Monty expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future taxable (deductible) amounts: Future Years 2021 2022 2023 2024 2025 Total Installment sales $32,200 $32,200 $32,200 $96,600 Depreciation 5,700 5,700 5,700 $5,700 $5,700 28,500 Unearned rent (45,200) (45,200) (90,400)

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