Question
Conima Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of 3,736 million at the beginning of Year 7 and 14,310 million
Conima Corporation, a Japanese construction firm, reported a balance in Income Taxes Payable of 3,736 million at the beginning of Year 7 and 14,310 million at the end of Year 7. Net income before income taxes for Year 7 totaled 73,051 million. Assume that the firm is subject to an income tax rate of 43%. Compute the amount of cash payments made for income taxes during Year 7. Conima Corporation applies Japanese accounting standards and reports its results in millions of yen (). In answering this question, assume that Conima Corporation uses either U.S. GAAP or IFRS; for purposes of this problem, this choice will not matter.
1. Income taxes paid during Year 7 is____
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