Determine the amount of federal income tax

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Reference no: EM131061618

During the period of one taxable year at a manufacturing plant, the total income on a cash basis was $21 million. Five million dollars of immediate debts due the company was unpaid at the end of the year. The company paid out $15 million on a cash basis during the year, and all of this amount was tax-deductible as a product cost. The company still owed $3 million of tax-deductible bills at the end of the year. If the total Federal income tax for the company amounts to 34 percent of the gross earnings, determine the amount of Federal income tax due for the year on a cash basis and also on an accrual basis.

Reference no: EM131061618

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