ACC 302, easy. Q7

The following information is available for Teal Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $42,400. This $42,400 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $20,300 of rent received in advance. The rent will be recgnized in 2025. 3. Pretax financial income, $272,300. 4. Tax rate for all years. 30%. (a) Compute taxable income for 2024. Taxable income