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The following facts relate to Nash Corporation Deferred tax liability, January 1, 2017, $47, 600 Deferred tax asset, January 1, 2017, $0. Taxable income for
The following facts relate to Nash Corporation Deferred tax liability, January 1, 2017, $47, 600 Deferred tax asset, January 1, 2017, $0. Taxable income for 2017, $113, 050. Pretax financial income for 2017, $238,000. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $285, 600. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $41, 650. Tax rate for all years, 40%. The company is expected to operate profitably in the future. Compute income taxes payable for 2017. Income taxes payable $ The parts of this question must be completed in order. This part will be available when you complete the part above
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