What is taxable income for given year

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Reference no: EM131766125

Question: At the beginning of 2015, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2015, pretax financial income was $826,000 and the tax rate was 35%. Pretax income included: Interest income from municipal bonds $15,000 Accrued warranty costs, estimated to be used in 2016 $74,000 Prepaid rent expense, will be used in 2016 $31,000 Installment sales revenue, to be collected in 2016 $56,000 Operating loss carryforward $71,000. What is taxable income for 2015?

Reference no: EM131766125

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