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Blue Sky Corporation prepared the following: Pretax financial income for 2021 $ 1,500,000 Tax exempt interest (140,000) Originating temporary difference (250,000) The temporary difference will
Blue Sky Corporation prepared the following:
Pretax financial income for 2021 $ 1,500,000
Tax exempt interest (140,000)
Originating temporary difference (250,000)
The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%.
Compute Blue Skys income tax payable for the year 2021.
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