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Problem 19-1 (Part Level Submission) The following information is available for Oriole Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported
Problem 19-1 (Part Level Submission) The following information is available for Oriole Corporation for 2017. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $114,000. This difference will reverse in equal amounts of $28,500 over the years 2018-2021. 2. Interest received on municipal bonds was $10,100. 3. Rent collected in advance on January 1, 2017, totaled $57,000 for a 3-year period. Of this amount, $38,000 was reported as unearned at December 31, 2017, for book purposes. 4. The tax rates are 40% for 2017 and 35% for 2018 and subsequent years. 5. Income taxes of $338,000 are due per the tax return for 2017. 6. No deferred taxes existed at the beginning of 2017. (a) x Your answer is incorrect. Try again. Compute taxable income for 2017. Taxable income for 2017 135200 Click if you would like to Show Work for this question: Open Show Work
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