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BE19-1 In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different
BE19-1 In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%.
- Compute the amount to be reported as income taxes payable at December 31,2012.
- Prepare a working paper to support your answer.
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