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truck co. organized january 7th, year 1, has pretax accounting income of $560,000 and taxable income of $950,000 for the year ended December 31, year
truck co. organized january 7th, year 1, has pretax accounting income of $560,000 and taxable income of $950,000 for the year ended December 31, year 1. The only temporary difference is accrued product warranty costs. There were no temporary differences in prior years. The enacted income tax rate is 30%. What is Truck's net income for year 1?
_$548,000
_$392,000
_$782,000
_none of these answers are correct
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