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Expense in its 2016 income statement round your

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expense in its 2016 income statement? (Round your calculations to the nearest whole million.) $56 million. 30%x75 million.Before considering a net operating loss carryforward of $74 million,Fama Corporation reported $210 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 38%. On January 1 of the current year, a newtax law was enacted, reducing the rate to 27% effective immediately. Fama's income tax payable for the current year would be: $24 million. Taxable income before NOL $160-NOL carryforward76=Taxable Income 84 x Enacted tax rate 28%=Tax payable currently $24.A reconciliation of pretax financial statement income to taxable income is shown below for Fieval Industries for theyear ended December 31, 2018, its first year of operations. The income tax rate is 40%. Pretax accounting income (income statement) $300,000-Interest revenue on municipal securities15,000+Warranty expense in excess of deductible amount 25,000-Depreciation in excess of financial statement amount 70,000=Taxable Income (tax return)=$240,000. What amount shouldFieval report related to deferred income taxes in its 2018 balance sheet? Noncurrent deferred tax liability of $18,000. $25,000x40%=$10,000 deferred tax asset, $70,000x40%=$28,000 deferredtax liability.Chapter 18:Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2018. In October 2018, Rick Co.'s Board of Directors declared and distributed a 1% common stockdividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would: Debit retained earnings for $18 million. Shares to be distributed = .01 × 30million = 300,000 shares Retained earnings: Market value of shares = 300,000 × $60 = $18 million.On July 1, Black Corporation had 200,000 shares of $10 par common stock outstanding. Themarket price of the stock was $12 per share. On the same date, Black declared a 1 for 2 reverse stock split. The par value of the stock was increased from $10 to $20, and one new $20 par sharewas issued for each two $10 par shares outstanding. Immediately before the reverse stock split, Black's Paid-in capital-- excess of par account equaled $4,000,000. What should be the balancein Black's Paid-in capital-- excess of par account immediately after the reverse stock split? $4,000,000.Roberto Corporation was organized on January 1, 2018. The firm was authorized to issue100,000 shares of $5 par common stock. During 2018, Roberto had the following transactions relating to shareholders' equity: Issued 10,000 shares of common stock at $7 per share. Issued20,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares
issued at $8). What is total shareholders' equity at the end of 2018? $250,000. Issue of stock (10,000 × $7) $ 70,000 Issue of stock (20,000 × $8) 160,000 Net income 100,000 Dividends (50,000)
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Fall
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CHAMBERS
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