Reference no: EM132765656
Problem 1: Identify each book-tax difference as either temporary or permanent and explain your determination:
Net income per books (after-tax). $100,000
Federal income tax expense per books. $50,000
Tax-exempt interest income. $2,000
MACRS depreciation**. $3,000
Excess of capital loss over capital gains. $5,000
Nondeductible meals and entertainment. $3,000
Interest on loan to purchase tax-exempt bonds $1500
Net income per books (after-tax) $300,000
Taxable income $100,000
Federal income tax per books $20,000
Cash dividend distributions $100,000
Unappropriated retained earnings, as of January 1, 2020 $500,000
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