accounting hw 16

Alvis Corporation reports pretax accounting income of $580,000. but due to a single temporary difference, taxable income is only $385,000. At the beginning of the year, no temporary differences existed. Required: 1. Assume a tax rate of 40%, what will be Alvis's net income? 0 Answer is complete but not entirely correct. is 307,000 9 2. What will Alvis report in the balance sheet pertaining to income taxes? 9 Answer is not complete. Deferred taxliability 0 Income tax payable 9