Question
The following information is available for Remmers Corporation for 2014. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by
The following information is available for Remmers Corporation for 2014. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $121,600. This difference will reverse in equal amounts of $30,400 over the years 20152018. 2. Interest received on municipal bonds was $13,700. 3. Rent collected in advance on January 1, 2014, totaled $65,400 for a 3-year period. Of this amount, $43,600 was reported as unearned at December 31, 2014, for book purposes. 4. The tax rates are 50% for 2014 and 45% for 2015 and subsequent years. 5. Income taxes of $329,900 are due per the tax return for 2014. 6. No deferred taxes existed at the beginning of 2014. Collapse question part (a) Compute taxable income for 2014. Taxable income for 2014 $
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