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Problem 3-26 (Algorithmic) (LO. 2) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The combined Federal, state, and
Problem 3-26 (Algorithmic) (LO. 2) Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The combined Federal, state, and global income tax rate is 30%. Book income, including the items below $195,000 9,750 Increase in book allowance for anticipated warranty costs Interest income from City of Westerville bonds Bribes paid to Federal inspectors 19,500 39,000 a. Indicate whether the following items create temporary or permanent differences. Increase in book allowance for anticipated warranty costs Interest income from City of Westerville bonds Bribes paid to Federal inspectors b. Rubio's taxable income is $
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