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Compute Corporation H tax payable

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Reference no: EM132483427

Corporation H's auditors prepared the following reconciliation between book and taxable income. H's tax rate is 2l percent.

Net income before tax $600,000

Permanent book/tax differences 15,000

Temporary book/tax differences (76,000)

Taxable income $539,000

Question a. Compute Corporation H's tax expense for financial statement purposes.

Question b. Compute Corporation H's tax payable.

Question c. Compute the net increase in Corporation H's deferred tax assets or deferred tax liabilities (identify which) for the year.

Reference no: EM132483427

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