Intermidiate Accounting II

19) Following is selected data pertaining to the financial statements of Taxaruity Corp. Pretax financial income (Year 3) 630,000 Tax rate (for Years 3 thru 6) 25% Depreciation expense (less than MACRS by $35,000) 50,000 Nondeductible violations 15,000 Estimated tax payments throughout Year 3 65,000 Advanced payment received Year 3 from a customer for services provided Year 445,000 Estimated warranties on product sold Year 3 to be serviced over the next 2 years 70,000 Tax-exempt interest on municipal bonds 30,000 Rent for year 4 paid for in Year 3 24,000 Deferred Tax Asset reported on year 2 balance sheet 2,000 Instructions: Calculate the following (show work in the grid below), Enter the final answers in the boxes provided here: 12 points och total of 10 point 1 Taxable income 2 Income tax payable 3 Current income taxes 4 Total income taxes on the income statement 5 Deferred tax asset on the balance sheet