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What is the amount of income taxes payable for crane inc

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Question - Crane, Inc. had pre-tax accounting income of $3800000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions:

Received rent from Jane, Co. for 2022 $107000

Municipal bond income $131000

Depreciation for tax purposes in excess of book depreciation $71000

Installment sales profit to be taxed in 2022 $173000

Required - For 2021, what is the amount of income taxes payable for Crane, Inc?

Reference no: EM132795612

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