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can you explain in details how did we come up with this answer and how to answer similar A company paid $150,000 of income tax
can you explain in details how did we come up with this answer and how to answer similar
A company paid $150,000 of income tax for 2013. During the year, the company recognized
$80,000 of interest revenue from municipal bonds. Income from municipal bonds are tax exempt.
The company's net deferred tax assets increased from $45,000 to $75,000. The income tax rate is 30
percent. What is the amount the company should report as its pretax accounting income for 2013?
A. $320,000
B. $480,000
C. $520,000
D. $680,000
Answer: B
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