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13. Sophie prepared the following reconciliation of pretax financial statement income to taxable income for the year ended December 31, year 1, its first year
13. Sophie prepared the following reconciliation of pretax financial statement income to taxable income for the year ended December 31, year 1, its first year of operations: Pretax financial income R $ 160,000 Municipal interest (5,000) Long term loss 10,000 Excess depreciation (25,000) Taxable income 140,000 In its year 1 income statement, what amount should Sophie report as income tax expense- current portion? Assume a tax rate of 21%
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