1. For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income...
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Question:
1. For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:
Pretax accounting income $220,000
Permanent difference (14,000)
206,000
Temporary difference-depreciation (19,200)
Taxable income $186,800
Tringali's tax rate is 38%.
What should Tringali report as its income tax expense for its first year of operations?
$78,280.
$70,984.
$83,600.
$82,281.
2. Payment of retirement benefits:
Increases the PBO.
Reduces the PBO.
Increases the ABO.
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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