2. Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds $ 100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 200,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 20% What amount of current federal income tax liability should be included in Hagg's December 31, 2021 balance sheet? a. $110,000 b. $150,000 c. $170,000 d. $440,000 -1-
2. Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds $ 100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 200,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 20% What amount of current federal income tax liability should be included in Hagg's December 31, 2021 balance sheet? a. $110,000 b. $150,000 c. $170,000 d. $440,000 -1-
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
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2. Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided:
Income from exempt municipal bonds $ 100,000
deducted for financial statement purposes 200,000
Estimated federal income tax payments made 330,000
Enacted corporate income tax rate 20%
What amount of current federal income tax liability should be included in Hagg's December 31, 2021 balance sheet ?
a. $110,000
b. $150,000
c. $170,000
d. $440,000 -1-
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