Haag Cop's 2011 income statement showed pretax accounting income of $750,000. To compute federal income tax liability, the following 2011 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 $ 30,000 60,000 1,50,000 30% What amount of current federal income tax liability should be included in Hagg's December 31, 2011 balance sheet? a. $48,000. b. $66,000. c. $75,000. d.$198,000.

Haag Cop's 2011 income statement showed pretax accounting income of $750,000. To compute federal income tax liability, the following 2011 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 $ 30,000 60,000 1,50,000 30% What amount of current federal income tax liability should be included in Hagg's December 31, 2011 balance sheet? a. $48,000. b. $66,000. c. $75,000. d.$198,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 11RE: Barth James Inc. has the following deferred tax assets and liabilities: 12,000 noncurrent deferred...

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