RiverbedCompany reports pretax financial income of $71,400for 2020. The following items cause taxable income to be different
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RiverbedCompany reports pretax financial income of $71,400for 2020. The following items cause taxable income to be different than pretax financial income.
1.Depreciation on the tax return is greater than depreciation on the income statement by $16,800.2.Rent collected on the tax return is greater than rent recognized on the income statement by $23,700.3.Fines for pollution appear as an expense of $10,900on the income statement.
Riverbed's tax rate is30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.
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