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Bodner Corporation's income statement for the year ended December 31, 2014, shows pretax income of $1,000,000. The following items are treated differently on the tax
Bodner Corporation's income statement for the year ended December 31, 2014, shows pretax income of $1,000,000. The following items are treated differently on the tax return and in the accounting records: Tax Accounting Return Records Rent income ........................... $ 70,000 $120,000 Depreciation expense .................. 280,000 220,000 Premiums on officers' life insurance .. -- 90,000 Assume that Bodner's tax rate for 2014 is 30 percent. What is the amount of income tax payable for 2014
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