Compute taxable income and income tax payable for 2020

Bridgeport Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $59,000 in 2021, $63,900 in 2022, and $68,500 in 2023. Bridgeport's pretax financial income for 2020 is $311,500, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. (a) Compute taxable income and income taxes payable for 2020. Taxable income LA Income taxes payable Save for Later Attempts: 0 of 1 used Submit