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Ann Corporation reported pre-tax book income of $1,100,000. Included in the computation were favorable temporary differences of $200,000, unfavorable temporary differences of $50,000, and favorable
Ann Corporation reported pre-tax book income of $1,100,000. Included in the computation were favorable temporary differences of $200,000, unfavorable temporary differences of $50,000, and favorable permanent differences of $110,000. Determine the Companys book equivalent of taxable income and use this number to compute the Companys total income tax provision or benefit, assuming a tax rate of 21%.
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