Vasquez Corp.'s 2017 income statement showed pretax accounting income of $2,040,000. To compute the federal income tax liability, the following 2017 data are provided: Income from exempt municipal bonds $ 110,000 Depreciation deducted for tax purposes in excessof depreciation deducted for financial statement purposes 144,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 30% What amount of current federal income tax liability should be included in Vasquez's December 31, 2017 balance sheet?

Vasquez Corp.'s 2017 income statement showed pretax accounting income of $2,040,000. To compute the federal income tax liability, the following 2017 data are provided: Income from exempt municipal...

Vasquez Corp.'s 2017 income statement showed pretax accounting income of $2,040,000. To compute the federal income tax liability, the following 2017 data are provided:

Income from exempt municipal bonds	$ 110,000
Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes	144,000
Estimated federal income tax payments made	330,000
Enacted corporate income tax rate	30%

What amount of current federal income tax liability should be included in Vasquez's December 31, 2017 balance sheet?

Jun 10, 2022

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Vasquez Corp.'s 2017 income statement showed pretax accounting income of $2,040,000. To compute the federal income tax liability, the following 2017 data are provided: Income from exempt municipal...

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