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Difference between the company income before taxes

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Reference no: EM132885578

Problem - Depreciation for Financial Statements and Income Tax Purposes Dinkle Company purchased equipment for $50,000. The equipment has an estimated residual value of $5,000 and an expected useful life of 10 years. Dinkle uses straight-line depreciation for its financial statements.

Required - What is the difference between the company's income before taxes reported on its financial statements and the taxable income reported on its tax return in each of the first 2 years of the asset's life if the asset was purchased on January 2,2019,2,2019, and its MACRS life is 5 years?

Reference no: EM132885578

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