Question
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The
Eight independent situations are described below. Each involves future deductible amounts and/or future taxable amounts: ($ in millions) Temporary Differences Reported First on: The Income Statement The Tax Return Revenue Expense Revenue 1. 2. $25 3. 4. Expense $25 $25 $25 5. 20 25 6. 25 20 7. 20 25 15 8. 20 25 10 15 Required: For each situation, determine taxable income, assuming pretax accounting income is $150 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situations Taxable Income 1 2 3 4 5 6 7 8
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