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Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by: ($ in millions) Temporary Differences Reported First on:
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by: |
($ in millions) | ||||||||
Temporary Differences Reported First on: | ||||||||
The IncomeStatement | The Tax Return | |||||||
Revenue | Expense | Revenue | Expense | |||||
1. | $ | 20 | ||||||
2. | $ | 20 | ||||||
3. | $ | 20 | ||||||
4. | $ | 20 | ||||||
5. | 15 | 20 | ||||||
6. | 20 | 15 | ||||||
7. | 15 | 20 | 10 | |||||
8. | 15 | 20 | 5 | 10 | ||||
|
Required: |
For each situation, determine taxable income assuming pretax accounting income is$100 million.(Enter your answers in millions. Omit the "$" sign in your response.) 1. 2. 3. 4. 5. 6. 7. 8. |
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