For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable...
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Accounting
For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:
Pretax accounting income
$
350,000
Permanent difference
(14,500
)
335,500
Temporary difference-depreciation
(19,100
)
Taxable income
$
316,400
Tringali's tax rate is 39%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?
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