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The following information is available for Potter Corporation for 2020: 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by
The following information is available for Potter Corporation for 2020: 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $75,000. This difference will reverse in equal amounts of $25,000 over the years 20212023. 2. Interest received on municipal bonds was $24,000. 3. Rent collected in advance on January 1, 2020, totaled $45,000 for a 3-year period. Of this amount, $30,000 was reported as unearned at December 31, 2020, for book purposes. 4. The tax
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