What amount of current federal income tax liability

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Question - Dunn Co.'s Year 3 income statement reported $90,000 income before income taxes. To calculate federal income taxes, the following Year 3 data are provided:

Rent received in advance $16,000

Income from exempt municipal bonds $20,000

Depreciation deducted for income tax purposes in excess of depreciation reported for financial statement purposes $10,000

Enacted corporate income tax rate 30%

Required - What amount of current federal income tax liability should be reported in Dunn's December 31, Year 3 balance sheet?

Reference no: EM133176418

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