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please answer in format provided On January 1, 2017 Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the

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On January 1, 2017 Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows: 2018 $ (986,000) 552,000 2017 Abbey Company: Sales $ (724,000) Operating expenses 518,000 Intraentity gross profits in ending Inventory (included in above figures) (160,000) Dividend income-Benjamin Company (22,500) Benjamin Company: Sales (306,000) Operating expenses 180,000 Dividends paid (25,000) (221,000) (27,000) (341,000) 216.000 (30,000) Assume that a tax rate of 40 percent is applicable to both companies a. On consolidated financial statements for 2018. what are the income tax expense and the income tax currently payable if Abbey and Benjamin file a consolidated tax return as an affiliated group? b. On consolidated financial statements for 2018. what are the income tax expense and income tax currently payable if they choose to file separate returns? (160,00) (22,500) (221, ) (27,000) tanciuded in above Tigures) Dividend income-Benjamin Company Benjamin Company: Sales Operating expenses Dividends paid (386,000) 180,000 (25,000 (341,000) 216,000 (30,000) Assume that a tax rate of 40 percent is applicable to both companies a. On consolidated financial statements for 2018, what are the income tax expense and the income tax currently payable if Abbey and Benjamin file a consolidated tax return as an affilated group? b. On consolidated financial statements for 2018 what are the income tax expense and income tax currently payable if they choose to fre separate returns? la income tax expense Tincome tax pavable income tax expense be

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