Corporation H’s auditors prepared the following reconciliation between book and tax-able income. H’s
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Corporation H’s auditors prepared the following reconciliation between book and tax-able income. H’s tax rate is 34 percent.
Net income before tax ………………………. $600,000
Permanent book/tax differences …………….. 15,000
Temporary book/tax differences …………….. (76,000)
Taxable income ………………………………. $539,000
a. Compute Corporation H’s tax expense for financial statement purposes.
b. Compute Corporation H’s tax payable.
c. Compute the net increase in Corporation H’s deferred tax assets or deferred tax liabilities (identify which) for the year.
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