This question has different numbers than the previous question.

Company B started business on January $1,20$X$1,$ and bought the following piece of equipment.

Cost of asset $$600,000$

Salvage $60,000$

Useful life $5$

Tax rate $21\%$

$20$X$1$ estimated tax payment $12,000$

Depreciation for book and tax purposes is as follows:

Book Tax

$20$X$1108,000240,000$

$20$X$2108,000144,000$

$20$X$3108,00086,400$

$20$X$4108,00051,840$

$20$X$5108,00017,760$

$20$X$1$ income statement information:

Sales $1,086,000$

Expenses $($does not include depreciation expense and tax expense$)652,000$

What is the ending balance of taxes payable on the December $31,20$X$1$ balance sheet?

Answer rating: 100% (QA)

ANSWER To calculate the ending balance of taxes payable on the December 31 20X1 balance sheet we nee... View the full answer