Exercise 19-2 The following information is available for Crane Corporation for 2016 (its first year of operations).
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Exercise 19-2
The following information is available for Crane Corporation for 2016 (its first year of operations).
1.Excess of tax depreciation over book depreciation, $36,800. This $36,800difference will reverse equally over the years 2017-2020.
2.Deferral, for book purposes, of $18,300of rent received in advance. The rent will be recognized in 2017.
3.Pretax financial income, $320,500.
4.Tax rate for all years,40%.
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