MC Qu. 18 LO 16-01, 16-04 For its first year of operations Tringali Corporation's...

For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:

Pretax accounting income	$300,000
Permanent difference	(15,700)
	284,300
Temporary difference-depreciation	(20,300)
Taxable income	$264,000

Tringali's tax rate is 37%. Assume that no estimated taxes have been paid.

What should Tringali report as income tax payable for its first year of operations?

$105,191.

$7,511.

$111,000.

$97,680.