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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.) | $ | 24,000 | ||||||||||
(2.) | $ | 24,000 | ||||||||||
(3.) | $ | 24,000 | $ | 15,800 | ||||||||
(4.) | $ | 15,800 | $ | 24,000 | $ | 5,800 | $ | 10,800 | ||||
Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. (Amounts to be deducted should be indicated by a minus sign.)
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