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23) Greene Corp.'s 2021 income statement showed pretax accounting income of $2,000,000. To compute the federal income tax liability, the following 2021 data are provided:
23) Greene Corp.'s 2021 income statement showed pretax accounting income of $2,000,000. To compute the federal income tax liability, the following 2021 data are provided:
Income from exempt municipal bonds $ 100,000
Depreciation deducted for tax purposes in excess of depreciation
deducted for financial statement purposes 200,000
Enacted corporate income tax rate 30%
Compute the current tax payable for the year.
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