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
$
360,000
Permanent difference
(15,900
)
344,100
Temporary difference-depreciation
(20,500
)
Taxable income
$
323,600
Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as income tax payable for its first year of operations?
Multiple Choice
$5,125.
$80,900.
$86,025.
$90,000.
On October 1, 2021, Sonoma Company leased equipment from Napa Inc. in lease payable in five equal annual payments of $440,000, beginning Oct 1, 2022. Similar transactions have carried an 12% interest rate. The right-of-use asset would be recorded at: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Multiple Choice
$0.
$1,586,103.
$1,776,434.
$2,200,000.
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