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Cortez, Inc., reports $1,190,700 of pretax book net income in 2019. Cortez's book depreciation exceeds tax depreciation that year by $42,525. The corporation reports no

Cortez, Inc., reports $1,190,700 of pretax book net income in 2019. Cortez's book depreciation exceeds tax depreciation that year by $42,525. The corporation reports no other temporary or permanent book-tax differences. Cortez's pertinent U.S. tax rate is 21%, and Cortez earns an after-tax rate of return on capital of 8%

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