Income taxes paid during year

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Reference no: EM131222099

Conima Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of ¥3,736 million at the beginning of Year 7 and ¥14,310 million at the end of Year 7. Net income before income taxes for Year 7 totaled ¥73,051 million. Assume that the firm is subject to an income tax rate of 43%. Compute the amount of cash payments made for income taxes during Year 7. Conima Corporation applies Japanese accounting standards and reports its results in millions of yen (¥). In answering this question, assume that Conima Corporation uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.

1. Income taxes paid during Year 7 is____

Reference no: EM131222099

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