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The following information is available for Sheffield Corporation for 2019 (its first year of operations). 1. 2. Excess of tax depreciation over book depreciation, $41,200.
The following information is available for Sheffield Corporation for 2019 (its first year of operations). 1. 2. Excess of tax depreciation over book depreciation, $41,200. This $41,200 difference will reverse equally over the years 2020-2023. Deferral, for book purposes, of $18,700 of rent received in advance. The rent will be recognized in 2020. Pretax financial income $319,200. Tax rate for all years, 20%. 3. 4. (a) Compute taxable income for 2019. Taxable income $ $
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