Excel_Project_2_James_Holliday - $10,500.00 Income Tax...

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Problem 19-1 a) b) Taxable Income $800,000.00 Excess Depreciation $120,000.00 Municipal Interest $10,000.00 Unearned Rent $(40,000.00) Pretax Income $890,000.00 c) 2010 Income Tax Expense $348,000.00 Deferred Tax Asset $14,000.00 Income Tax Payable Deferred Tax Liability 2011 Income Tax Expense $339,500.00 Deferred Tax Liability
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Unformatted text preview: $10,500.00 Income Tax Payable Deferred Tax Asset d) Income before taxes $890,000.00 Current Income Tax Expense $320,000.00 Deferred Income Tax Expense $28,000.00 $348,000.00 Net Income $542,000.00 .40x=$320,000 x=320,000/.40 x= $800,000 $320,000.00 $42,000.00 $343,000.00 $7,000.00...
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Excel_Project_2_James_Holliday - $10,500.00 Income Tax...

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