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Unformatted text preview: $11,000 EXERCISE 22-1 (10-15 minutes) (a) The net income to be reported in 2008, using the retrospective approach, would be computed as follows: Income before income tax $700,000 Income tax $245,000 Net income $455,000 (b) Construction in Progress $190,000 Deferred Tax Liability $66,500 Retained Earnings $123,500...
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- Spring '12