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For its first year of operations, Sam Corporation's pretax accounting income was $300,000, which includes $15,000 of interest revenue from an investment in municipal bonds.
For its first year of operations, Sam Corporation's pretax accounting income was $300,000, which includes $15,000 of interest revenue from an investment in municipal bonds. Sam Corporation has $40,000 in depreciation expense on the income statement; it has MACRS depreciation amounted to $60,000 on the tax return. Sam's tax rate is 30%. Assume that no estimated taxes have been paid. What should Sam report as income tax payable for its first year of operations? O $79,500. O $85,500. O $90,000 O $6,000
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