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Crane, Inc. had pre-tax accounting income of $3800000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company
Crane, Inc. had pre-tax accounting income of $3800000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions:
Received rent from Jane, Co. for 2022
$107000
Municipal bond income
$131000
Depreciation for tax purposes in excess of book depreciation
$71000
Installment sales profit to be taxed in 2022$173000
For 2021, what is the amount of income taxes payable for Crane, Inc?
A $663600
B $706400
C $732600
D $804000
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