What is the debit to federal income tax expense

Reference no: EM133474135

Case: ABC is a domestic corporation with $8,775,000 of GAAP financial accounting income and includes $750,000 of tax-exempt municipal bond interest. ABC computes bad debt expense for book purposes using the reserve method, which exceeds bad debt expense for tax under the direct write-off methods by $75,000. ABC tax depreciation using MACRS exceeds S/L depreciation for book purposes by $150,000.

Question: What is the debit to Federal Income Tax Expense?

Reference no: EM133474135

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