Question: I need the correct answer to this general accounting problem using the standard accounting approach. Norton Inc. reported pretax accounting income of $120,000, but due

I need the correct answer to this general accounting problem using the standard accounting approach.

Norton Inc. reported pretax accounting income of $120,000, but due to a permanent difference, the taxable income is only $80,000. Assuming a tax rate of 30%, what amount of net income should be reported on the income statement? a. $84,000 b. $36,000 c. $96,000 d. $90,000

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