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29) Blue Sky Corporation prepared the following: $ Pretax financial income for 2021 Tax exempt interest Originating temporary difference 1,500,000 (140,000) (250,000) The temporary difference
29) Blue Sky Corporation prepared the following: $ Pretax financial income for 2021 Tax exempt interest Originating temporary difference 1,500,000 (140,000) (250,000) The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%. Compute Blue Sky's income tax payable for the year 2021. 30) Apple, Inc. had pre tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from York, Co. for 2022 $ 85,000 Municipal bond income $150,000 Depreciation for tax purposes in excess of book depreciation $60,000 Compute the deferred tax asset balance at December 31, 2021
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