Question: Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by: ($ in millions) Temporary Differences Reported First on:
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by:
| ($ in millions) | ||||||||
| Temporary Differences Reported First on: | ||||||||
| The Income Statement | The Tax Return | |||||||
| Revenue | Expense | Revenue | Expense | |||||
| 1. | $39 | |||||||
| 2. | $39 | |||||||
| 3. | $39 | |||||||
| 4. | $39 | |||||||
| 5. | 34 | 39 | ||||||
| 6. | 39 | 34 | ||||||
| 7. | 34 | 39 | 29 | |||||
| 8. | 34 | 39 | 24 | 29 | ||||
| Required: |
| For each situation, determine taxable income assuming pretax accounting income is $290 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) |
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by: ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue Expense 1. $39 2. $39 3. $39 4. $39 5. 34 39 6. 39 34 7. 34 39 29 8. 34 39 24 29 Required: For each situation, determine taxable income assuming pretax accounting income is $290 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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