Crane Corporation began 2020 with a $36,800 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $280,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $420,000, the tax rate for all years is 20%, and taxable income for 2020 is $324,000. (a) Compute income taxes payable for 2020. Income taxes payable $ eTextbook and Media (b) List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer S

Crane Corporation began 2020 with a $36,800 balance in the Deferred Tax Liability account. At the end of 2020 , the related cumulative temporary difference amounts to $280,000, and it will reverse evenly over the next 2 vears. Pretax accounting income for 2020 is $420,000, the tax rate for all years is 20%, and taxable income for 2020 is $324,000. (a) Compute income taxes payable for 2020 . Incorne taxes payable eTextbook and Media List of Accounts Attempts: 0 of 3 used