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No Spacing Heading 1 Problem P3 Facts: ABC's tax accounting methods and GAAP accounting methods are the same. ABC reports pretax GAAP earnings of $4,500,000 for the 12 months ended December 31, 2020. Embedded in pretax GAAP earnings is interest revenue of 50 earned on bonds issued by the State of Texas; a $0 fine paid 2 to the EPA, and $11.000 of insurance expense on premiums paid for a life insurance policy on the CEO for which the company is beneficiary, Required: I 5. Determine the amount of 2020 current federal income tax expense Problem P3_INVERTER Facts: ABC's tax accounting methods and GAAP accounting methods are the same. ABC reports pretax GAAP earnings of $3,500,000 for the 12 months ended December 31, 2020. Embedded in pretax GAAP earnings is interest revenue of $0 earned on bonds issued by the State of Texas; a $0 fine pald to the EPA: and $ of insurance expense on premiums paid for a life insurance policy on the CEO for which the company is beneficiary. Current income tax expense for 2020 is S737.310 What was the Amount of the insurance premiums? Required: 6. Determine the amount of the life insurance expense. No Spacing Heading 1 Problem P3 Facts: ABC's tax accounting methods and GAAP accounting methods are the same. ABC reports pretax GAAP earnings of $4,500,000 for the 12 months ended December 31, 2020. Embedded in pretax GAAP earnings is interest revenue of 50 earned on bonds issued by the State of Texas; a $0 fine paid 2 to the EPA, and $11.000 of insurance expense on premiums paid for a life insurance policy on the CEO for which the company is beneficiary, Required: I 5. Determine the amount of 2020 current federal income tax expense Problem P3_INVERTER Facts: ABC's tax accounting methods and GAAP accounting methods are the same. ABC reports pretax GAAP earnings of $3,500,000 for the 12 months ended December 31, 2020. Embedded in pretax GAAP earnings is interest revenue of $0 earned on bonds issued by the State of Texas; a $0 fine pald to the EPA: and $ of insurance expense on premiums paid for a life insurance policy on the CEO for which the company is beneficiary. Current income tax expense for 2020 is S737.310 What was the Amount of the insurance premiums? Required: 6. Determine the amount of the life insurance expense