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e IH) new doc 201901-22 18 It | O file:///C:/UserstaalDownloadsew%20doc%202019-01.22%2018.5749%20(1).pdf Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP
e IH) new doc 201901-22 18 It | O file:///C:/UserstaalDownloadsew%20doc%202019-01.22%2018.5749%20(1).pdf Baltimore Inc. reported pretax GAAP income of $45,000 in 2020. In analyzing differences between GAAP in- come and taxable income, the company determined that it had deducted S5,000 in nondeductible fines and added $2,800 in tax-exempt municipal interest revenue to GAAP income. Given a statutory tax rate of25%, determine the following a. Taxable income b. Income tax payable c. Income tax expense d. Net income Effective tax rate e. ^ 4x ENG 1/22/2019
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