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Sherrod, Incorporated, reported pretax accounting income of $ 7 2 million for 2 0 2 4 . The following information relates to differences between pretax
Sherrod, Incorporated, reported pretax accounting income of $ million for The following information relates to differences between pretax accounting income and taxable income:
a Income from installment sales of properties included in pretax accounting income in exceeded that reported for tax purposes by $ milion. The installment recelvable account at yearend had a balance of $ million representing portions of and installment sales expected to be collected equally in and
b Sherrod was assessed a penalty of $ million by the Environmental Protection Agency for violation of a federal law in The fine is to be pald in equal amounts in and
c Sherrod rents its operating facillties but owns one asset acquired in at a cost of $ million. Depreclation is reported by the straightline method, assuming a fouryear useful life. On the tax retum, deductions for depreclation will be more than straightline depreclation the first two years but less than straightline depreciation the next two years $ in millions:
tableIncome,,Statement,Tax Return,Difference$$$
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