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Stone Company reported pre-tax book income of $700,000 in 2018, the first year of operation. The tax depreciation exceeded the book depreciation by $90,000. The
Stone Company reported pre-tax book income of $700,000 in 2018, the first year of operation. The tax depreciation exceeded the book depreciation by $90,000. The tax rate for 2018 and all future years was 30%. If Stone paid no estimated taxes, what amount of income tax payable should Stone report in its December 31, 2018, balance sheet?
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