Assume the following businesses operate as corporations...

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Ch. 16 in-class exercises : Throughout the problems, assume corporations are calendar year tax period, accrual method taxpayers. As usual, do not round when doing intermediate steps in the problem, but round the final answer to the nearest dollar. 1. Assume the following businesses operate as corporations. For the year requested, determine the amount of book-tax difference, whether they are favorable or unfavorable, and whether they are permanent or temporary. Year of interes t Dollar amount Favorable or Unfavorabl e Temporary or Permanent The Tube is a cable company. In 2017, the company had $50,000 in fines and penalties expense. 2017 Tax: 0 Book: 50k UnFav Permanent Quick Print Pro is working hard to open its doors to customers on January 1, 2018. In the meantime, they incurred $50,000 of start-up costs in 2017 for wages, utilities, and rent in total for all 12 months.

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