Question
he following information was taken from the accounting records of Lancer Inc, for the year ending 2020. Pretax accounting income $ 1,500,000 Interest Revenue on
he following information was taken from the accounting records of Lancer Inc, for the year ending 2020.
Pretax accounting income $ 1,500,000
Interest Revenue on Municipal bonds 100,000
Litigation expense 2, 000,000
Excess Depreciation for tax purposes 1, 300,000
Deferred revenue 200,000
The tax rate for 2020 is 40%
The total taxable income computed by Lancer for 2020 should be :
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Auditing Oracle E Business Suite Common Issues
Authors: Jeffrey T. Hare
1st Edition
1329529766, 978-1329529762
