Need help with this financial accounting question not use ai Crayton Corporation has a taxable income of$1,500,000 and a pretax accounting income of$1,350,000 in the current accounting period. What taxliability appears on the balance sheet for this year,assuming a 35% tax rate?A. $472,500B. $525,000C. $150,000D. $52,500

Step 1: Define TaxesTaxes are levies charged by the government on income, certain transactions,…

Answered: Crayton Corporation has a taxable…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 15DQ

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Crayton Corporation has a taxable income of $1,500,000 and a pretax accounting income of $1,350,000 in the current accounting period. What tax liability appears on the balance sheet for this year, assuming a 35% tax rate? A. $472,500 B. $525,000 C. $150,000 D. $52,500