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5) Bell Company had the following operating results: Inx rate Income Tax Paid Year Taxable Income (loss) % SE % 0V 000'L 000'07 000'oz 000'os 000'09) 2016 2017 2018 to 2017. What is the amount of income tax refiund receivable Bell would record in 20187 Bell is able to carry-back its 2018 net operating loss two years, first to 2016, and then C) $21,000. D) $24,000. A) $27,000. B) $23,000. 6) Which of the following circumstances creates a future deductible amount (i.e.: deferred tax asset)? A) Warranty expenses accrued for book, not deductible for tax until paid. B) Accelerated depreciation methods, resulting in tax depreciation deductions in excess of book depreciation expense. C) Prepaid insurance expense, deductible for tax when paid. D) Interest on municipal bonds, not taxable. 7) The following information relates to questions 7 & 8. For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: (L Pretax accounting income Permanent difference 7 000'St) 285,000 000'00E S Temporary difference-depreciation Taxable income 000'02) $4265,000 Tringali's tax rate is 40%. What should Tringali report as current income tax payable? B) $120,000. "000'F1IS (V C) $106,000. D) $108,000. 8) What should Tringali report as total income tax expense ? A) $108,000. B) $120,000. C) $106,000. D) $114,000

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