Rowen, Inc. had pre-tax accounting income of $270,0000 and a tax rate of 40% in 2018, its
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Rowen, Inc. had pre-tax accounting income of $270,0000 and a tax rate of 40% in 2018, its first year of operations. During 2018 the company had the following transactions: Received rent from Jane, Co. for 2019 $96,000 Municipal bond income $120,000 Depreciation for tax purposes in excess of book depreciation $60,000 Installment sales revenue to be collected in 2019 $162,000 For 2019, what is the amount of income taxes payable for Rowen, Inc.?
$603,200
$654,400
$490800
$772,800
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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