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What amount should ABC report as its current federal income

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Reference no: EM133102983

Question - ABC Corp.'s books showed taxable income of $1,800,000 for the year ended December 31, 2021. In the computation of federal income taxes payable, the following data were considered:

Federal estimated tax payments, 2021 200,000

Enacted federal tax rate, 2021 20%

Required - What amount should ABC report as its current federal income tax liability on its December 31, 2021 balance sheet?

Reference no: EM133102983

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