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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: Income Statement Tax
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on:
Income Statement | Tax Return | |||
Revenue | Expense | Revenue | Expense | |
(1.) | $20,000 | |||
(2.) | $20,000 | |||
(3.) | $15,000 | $20,000 | ||
(4.) | $15,000 | $20,000 | $10,000 |
Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. Show ALL calculations.
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