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The following information is available for Teal Corporation for 2024 (its first year of operations)....

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Accounting

image The following information is available for Teal Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $37,000. This $37,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2025 . 3. Pretax financial income, $296,200. 4. Tax rate for all years, 20%. (a) Compute taxable income for 2024

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