Solution-What is? infinity income tax expense for year?

What is? infinity income tax expense for year?

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Reference no: EM132849509

Question - Infinity Production acquired a new machine at the beginning of the current year. The machine cost $ 600,000 with no residual value expected. Infinity uses the straight-line method for financial? reporting, assuming a 6-year useful life. The firm classifies the equipment as 5-year MACRS property for tax purposes using the following percentages.

Year	MACRS? (%)
1	20.00%
2	32.00
3	19.20
4	11.52
5	11.52
6	5.76

The company is subject to a 25?% income tax rate and has no other book-tax differences.

Income before depreciation and tax is presented? below:

Year	Income before Tax and Depreciation
1	$420,000
2	470,000
3	540,000
4	700,000
5	?820,000
6	950,000

Required - What is? Infinity's income tax expense for year? 1?

Reference no: EM132849509

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What is? infinity income tax expense for year?

Reference no: EM132849509

Reference no: EM132849509

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