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please answer questions 29,30 ,31 and 32 29) Blue Sky Corporation prepared the following: Pretax financial income for 2021 Tax exempt interest Originating temporary difference

please answer questions 29,30 ,31 and 32 image text in transcribed
29) Blue Sky Corporation prepared the following: Pretax financial income for 2021 Tax exempt interest Originating temporary difference $ 1,500,000 (140,000) (250,000) The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 25%. Compute Blue Sky's income tax payable for the year 2021. 30) Apple, Inc. had pre-tax accounting income of $2,500,000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from York, Co. for 2022 $ 85,000 Municipal bond income $150,000 Depreciation for tax purposes in excess of book depreciation $60,000 Compute the deferred tax asset balance at December 31, 2021. 31) Washington Corporation reported $200,000 in revenues in its 2021 financial statements, of which $44,000 will not be included in the tax return until 2022. The enacted tax rate is 30% for 2021 and 25% for 2022. What amount should Washington report for deferred income tax liability in its balance sheet at December 31, 2021? 32) ABC Corp.'s 2021 income statement showed pretax accounting income of $2,800,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds $100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 300,000 Enacted corporate income tax rate 20% Compute the current tax payable for the year. MacBook Pro

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