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Zurich Company reports pretax financial income of $70,000 for 2025 . The following items cause taxable income to be different than pretax financial income. 1.
Zurich Company reports pretax financial income of $70,000 for 2025 . The following items cause taxable income to be different than pretax financial income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $16,000. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,000. 3. Fines for pollution appear as an expense of $11,000 on the income statement. Zurich's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025 . Compute taxable income and income taxes payable for 2025. Taxable income $ Income taxes payable $
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