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What the december income tax payable for bedford

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Reference no: EM132838658

Bedford had this info at the end of 2024, its first year of operations:

Pretax book income. $800000.

Estimated litigation expense $200000

Excess of taxer book deprecation $300000

Interest income on municipal bonds $100000.

No other permanent or temporary differences exist. The litigation item will be paid in 2025. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable.

Problem 1: The 12/31/24 Income Tax Payable is:

Select one:

a. $60,000

b. $150,000

c. $180,000

d. $240,000

e. $120,000

Reference no: EM132838658

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