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Business, 18.08.2019 01:20 samy14

Pine corp.'s books showed pretax income of $800,000 for the current year ended december 31. in the computation of federal income taxes, the following data were considered: gain on involuntary conversion (pine haselected to replace the property withinthe statutory period using total proceeds.) $350kdepreciation deducted for tax purposes in excessof depreciation deducted for book purposes $50kfederal estimated tax payments $70kenacted federal tax rates 30%what amount should pine report as its current federal income tax liability on its december 31 balance sheet? a. $50,000b. $65,000c. $120,000d. $135,000

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Pine corp.'s books showed pretax income of $800,000 for the current year ended december 31. in the c...
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