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Compute taxable income and income taxes payable

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Question - Novak Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $53,100 in 2021, $57,800 in 2022, and $63,100 in 2023. Novak's pretax financial income for 2020 is $312,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Compute taxable income and income taxes payable for 2020.

Reference no: EM132735617

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