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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%.

  1. Compute the amount to be reported as income taxes payable at December 31,2012.
  2. Prepare a working paper to support your answer.

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