Solution-Compute current income taxes payable at December

Compute current income taxes payable at December

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Reference no: EM132510414

Question - North Dakota Corporation purchased a machine for $20,000 in January 2021. North Dakota records a full year depreciation on assets in the year of purchase, and their year ends December 31". For financial reporting purposes, North Dakota depreciates the machine on a straight-line basis over a four- year period. There is no residual value. For tax purposes, depreciation expense on the machinery is 50% of cost in 2021, 30% in 2022, and 20 % in 2023. Pretax accounting income for 2021 was $150,000, which includes interest revenue of $ 20,000 from municipal bonds. The enacted tax rate is 30\% for all years. There are no other differences between accounting and taxable income. Compute current income taxes payable at December 31, 2021?

Reference no: EM132510414

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Compute current income taxes payable at December

Reference no: EM132510414

Reference no: EM132510414

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