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Tulip, Inc., reported the following results for the current year: Book income (before tax) $500,000 Tax depreciation in excess of book 45,000 Municipal bond interest
Tulip, Inc., reported the following results for the current year: Book income (before tax) $500,000 Tax depreciation in excess of book 45,000 Municipal bond interest 10,000 Warranty expense accrued for books, not deductible for tax 15,000 Based on the above, taxable income is: a. $460,000. b. $540,000. c. $450,000. d. $570,000. e. $430,000
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Financial Accounting An Integrated Statements Approach
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
2nd Edition
324312113, 978-0324312119
