Problem 19-01 (Part Level Submission)

The following information is available for Oriole Corporation for 2020.

1.		Depreciation reported on the tax return exceeded depreciation reported on the income statement by $110,000. This difference will reverse in equal amounts of $27,500 over the years 20212024.
2.		Interest received on municipal bonds was $10,100.
3.		Rent collected in advance on January 1, 2020, totaled $63,000 for a 3-year period. Of this amount, $42,000 was reported as unearned at December 31, 2020, for book purposes.
4.		The tax rates are 40% for 2020 and 35% for 2021 and subsequent years.
5.		Income taxes of $309,000 are due per the tax return for 2020.
6.		No deferred taxes existed at the beginning of 2020.

(a)

Compute taxable income for 2020.

Taxable income for 2020

$enter Taxable income for 2020 in dollars

By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Attempts: 0 of 2 used

SAVE FOR LATER

SUBMIT ANSWER

Earn Maximum Points available only if you answer this question correctly in your first attempt.

(b) The parts of this question must be completed in order. This part will be available when you complete the part above.

(c) The parts of this question must be completed in order. This part will be available when you complete the part above.

(d) The parts of this question must be completed in order. This part will be available when you complete the part above.

If you know parts B, C, and D that would be very helpful!!