Crane Corp.'s 2021 income statement showed pretax accounting income of $1300000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate $88000 $82400 $100000 $226400 $66400 80000 160000 What amount of current federal income tax liability should be included in Crane's December 31, 2021 balance sheet? 20%

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Crane Corp.'s 2021 income statement showed pretax accounting income of $1300000. To
compute the federal income tax liability, the following 2021 data are provided:
Income from exempt municipal bonds
Depreciation deducted for tax purposes in excess of depreciation
deducted for financial statement purposes
Estimated federal income tax payments made
Enacted corporate income tax rate
$88000
$82400
$100000
$226400
$66400
80000
160000
What amount of current federal income tax liability should be included in Crane's
December 31, 2021 balance sheet?
20%
Transcribed Image Text:Crane Corp.'s 2021 income statement showed pretax accounting income of $1300000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes Estimated federal income tax payments made Enacted corporate income tax rate $88000 $82400 $100000 $226400 $66400 80000 160000 What amount of current federal income tax liability should be included in Crane's December 31, 2021 balance sheet? 20%
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