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What should Tringali report as Income Tax Payable

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Problem - For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income (AI) $ 285,000 Temporary difference-depreciation (20,000) Taxable income (TI) $ 265,000 Tringali's tax rate is 25%. What should Tringali report as Income Tax Payable for its first year of operations?

Reference no: EM132927450

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