Compute income taxes payable for 2025. Income taxes payable $ 69
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Corporation began 2025 with a $50,600 balance in the Deferred Tax Liability account. At the end of 2025, the related
cumulative temporary difference amounts to $385,000, and it will reverse evenly over the next 2 years. Pretax accounting income for
2025 is $577,500, the tax rate for all years is 20%, and taxable income for 2025 is $445,500.
(a)
Compute income taxes payable for 2025.
Income taxes payable
69
$
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