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book exceeded tax depreciation!!! tax rate 21% FOLLOW 2018 RULES Cardinal Corporation reported pretax book income of $3,000,000. During the current year, the reserve for
book exceeded tax depreciation!!! tax rate 21%
FOLLOW 2018 RULES
Cardinal Corporation reported pretax book income of $3,000,000. During the current year, the reserve for bad debts increased by $200,000. In addition, book depreciation exceeded tax depreciation by $100,000. Cardinal sold a fixed asset and reported a book gain of $60,000 and a tax gain of $80,000. Finally, Cardinal deducted $50,000 of domestic production activities deduction on its tax return. Compute Cardinal's current income tax expense or benefit.
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