A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $142,000 17% 2019 94,000 17 2020 (208,800) 22 2021 318,500 22 In 2021, what amount of income tax payable should be reported for the company, assuming the loss can carry forward?
A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $142,000 17% 2019 94,000 17 2020 (208,800) 22 2021 318,500 22 In 2021, what amount of income tax payable should be reported for the company, assuming the loss can carry forward?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 22CE
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A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes.
Year | Pretax Income (Loss) | Tax Rate |
2018 | $142,000 | 17% |
2019 | 94,000 | 17 |
2020 | (208,800) | 22 |
2021 | 318,500 | 22 |
In 2021, what amount of income tax payable should be reported for the company, assuming the loss can carry forward?
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