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1 of 9 < > 2.17/3 1 The following information is available for Sweet Corporation for 2019 (its first year of operations). 1. Excess of
1 of 9 < > 2.17/3 1 The following information is available for Sweet Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,200. This $41,200 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $18,700 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $319,200. 4. Tax rate for all years, 20%. Your answer is correct. Compute taxable income for 2019. Taxable income 296700 taxable income of $350,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Deferred Tax Liability Income Tax Expense Income Tax Payable Income Tax Expense eTextbook and Media List of Accounts Debit 71680 Credit 1,680 70,000
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