HW Question 1 Edinburgh Corporation had pretax income of $500,000...
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Accounting
HW Question 1
Edinburgh Corporation had pretax income of $500,000 in 2020. In 2020, two (2) temporary differences originated for Edinburgh as shown below. Item A For book, revenue of $200,000 in 2020; For tax, revenue of $90,000 in 2020, $100,000 in 2021 and $10,000 in 2022. Item B For book, expense of $100,000 in 2020; For tax, expense of $40,000 in 2020, $45,000 in 2021 and $15,000 in 2022. The income tax rate is 20%. All temporary differences reversed as expected. Required What are income taxes payable for 2020? Required What are income taxes payable for 2020 ? 108,000 O 110,000 100,000 88,000 90,000 78.000 98,000
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