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Problem 19-1 The following information is available for Flint Corporation for 2017 1. Depreciation reported on the tax return exceeded depreciation reported on the income
Problem 19-1 The following information is available for Flint 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 $10,200 3. Rent collected in advance on January 1, 2017, totaled $61,800 for a 3-year period. Of this amount, $41,200 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 $308,000 are due per the tax return for 2017 6. No deferred taxes existed at the beginning of 2017. Compute taxable income for 2017 Taxable income for 2017 s LINK TO TEXT LINK TO TEXTLINK TO TEXT Compute pretax financial income for 2017. Pretax financial income for 2017 LINK TO TEXT LINK TO TEXT LINK TO TEXT
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