Solution-Compute Randolph Company current income tax expense

Compute Randolph Company current income tax expense

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Reference no: EM133124326

Question - Randolph Company reported pretax net income from continuing operations of $800,000 and taxable income of $500,000. The book-tax difference of $300,000 was due to a $200,000 favorable temporary difference relating to depreciation, an unfavorable temporary difference of $80,000 due to an increase in the reserve for bad debts, and a $180,000 favorable permanent difference from the receipt of life insurance proceeds.

a. Compute Randolph Company's current income tax expense.

b. Compute Randolph Company's deferred income tax expense or benefit.

Reference no: EM133124326

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Compute Randolph Company current income tax expense

Reference no: EM133124326

Reference no: EM133124326

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