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Bedford had this info at the end of 2024, its first year of operations: Pretax book income. $800000. Estimated litigation expense $200000 Excess of taxer
Bedford had this info at the end of 2024, its first year of operations:
Pretax book income. $800000.
Estimated litigation expense $200000
Excess of taxer book deprecation $300000
Interest income on municipal bonds $100000.
No other permanent or temporary differences exist. The litigation item will be paid in 2025. The depreciation will reverse evenly over the next three years. Tax rate is 30%. Future net income is probable.
The 12/31/24 Income Tax Payable is:
Select one:
a.
$60,000
b.
$150,000
c.
$180,000
d.
$240,000
e.
$120,000
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