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Snoopy Inc. Has two temporary differences at the end of 2017. The rst difference stems 'om a 3-year installment sale (revenue), and the second one

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Snoopy Inc. Has two temporary differences at the end of 2017. The rst difference stems 'om a 3-year installment sale (revenue), and the second one results from depreciation expense. Snoopy's accountants have developed the following table illustrating these future deductible and taxable amounts (tax-book 2018 2019 Book Tax Book _ Installment $110,000 $310,000 $105,000 ------ $95 ,0000 Sale (revenue) Depreciation $200,000 $100,000 $120,000 $100,000 $72,000 $100,000 Expense differences). Municipal Interest $23 ,000 $20,000 $21 ,000 Income Pretax Income _ $828,000 $810,000 $795,000 Enacted Tax 35% 30% 30% Rates: At the beginning of 2017, no deferred income taxes are on Snoopy's balance sheet. Pretax accounting income for 2017 is $828,000, and taxable income is expected in all future years. Assume that no adjustment for a valuation allowance is required

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