Information for an accrual basis corporation Net income per books (after-tax) $174,100 Federal income tax expense per
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Question:
Information for an accrual basis corporation
Net income per books (after-tax) | $174,100 |
Federal income tax expense per books | $86,600 |
Tax-exempt interest income | $4,500 |
MACRS depreciation** | $7,200 |
Excess of capital loss over capital gains | $9,400 |
Nondeductible meals and entertainment | $5,500 |
Interest on loan to purchase tax-exempt bonds | $1,100 |
** This is depreciation in excess of straight-line depreciation used for financial statement purposes
Part II: M-2 Information for an accrual basis corporation
Net income per books (after-tax) | $386,250 |
Taxable income | $120,000 |
Federal income tax per books | $30,050 |
Cash dividend distributions | $150,000 |
Inappropriate retained earnings, as of January 1, 2016 | $796,010 |
Requirements:
Clearly identify the requirements being addressed.
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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