Computing Net Income 4M Inc. showed income tax on its tax return of $4,800 on...
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Computing Net Income 4M Inc. showed income tax on its tax return of $4,800 on December 31, 2020, and had a tax rate of 25%. If taxable income was equal to pretax GAAP income for 2020, determine the amount of net income that 4M Inc. recognized in 2020 on its financial statements. Net Income $ 24,000 x Check
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