A domestic corporation started operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: Year Basic Tax MCIT Excess of MCIT over Normal Income Tax 2012 50,000 100,000 50,000 2013 130,000 170,000 40,000 2014 200,000 190,000 2015 300,000 300,000 2016 100,000 50,000 2017 150,000 60,000 2018 8,000 40,000 32,000 2019 1,000 60,000 59,000 Income tax payable for the year 2016

A domestic corporation started operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: Year Basic Tax MCIT Excess of MCIT over Normal Income Tax 2012 50,000 100,000 50,000 2013 130,000 170,000 40,000 2014 200,000 190,000 2015 300,000 300,000 2016 100,000 50,000 2017 150,000 60,000 2018 8,000 40,000 32,000 2019 1,000 60,000 59,000 Income tax payable for the year 2016

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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