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What is iveys income tax payable for the current year

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Reference no: EM132535629

Question - Information for Ivey Corp. for the current year ($ in millions):

Income from continuing operations before tax$440 Loss on discontinued operation (pretax) 108 Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income 80 Depreciation deducted on tax return in excess of depreciation expense 135 Permanent differences (all related to operating income): Nondeductible portion of entertainment expense 17 . The applicable enacted tax rate for all periods is 25%.

Required - What is Ivey's income tax payable for the current year?

a. $70.50 million.

b. $67.00 million.

c. $73.50 million.

d. $71.70 million.

Reference no: EM132535629

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