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Given Tax rate 15% Profit (accounting) for 2021 = &150,000 &20,000 royalty income is tax exempt &5,000 meals expense is not deductible Bad debt expense
Given Tax rate 15% Profit (accounting) for 2021 = &150,000 &20,000 royalty income is tax exempt &5,000 meals expense is not deductible Bad debt expense &2,500 included &500 estimate not deductible until write-off Tax depreciation (accelerated) is &43,000, accounting depreciation is &35,000. No provisional tax payments Required: Compute current tax
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