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(Chapter 19) In 2020, its first year of operations, Rowing, Inc. had pre-tax accounting income of $1,400,000 and a tax rate of 40%. During 2020,

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(Chapter 19) In 2020, its first year of operations, Rowing, Inc. had pre-tax accounting income of $1,400,000 and a tax rate of 40%. During 2020, the company had the following transactions: 2021 Rent received from customer $40,000 Tax-exempt municipal bond income $60,000 Depreciation for tax purpose in excess of book depreciation $35,000 Installment sales revenue to be collected in 2021 $116,000 For 2020, what is the amount of income taxes payable for Rowing, Inc? $628,400 $608,400 $491,600 $459,600

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