Oriole Corporation recorded warranty accruals as at December 31, 2023, in the amount of $154,000. This reversing d cause deductible amounts of $50,300 in 2024. $38,200 in 2025, and $65,500 in 2026. No other reversing difference e accounting income is $166,000 in each of 2024 and 2025 and the tax rate is 25% for all years. The ditu

Oriole Corporation recorded warranty accruals as at December 31, 2023, in the amount of $154,000. This reversing d cause deductible amounts of $50,300 in 2024. $38,200 in 2025, and $65,500 in 2026. No other reversing difference e accounting income is $166,000 in each of 2024 and 2025 and the tax rate is 25% for all years. The ditu

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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Marigold Corporation began 2020 with a $39,560 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $301,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $451,500, the tax rate for all years is 20%, and taxable income for 2020 is $348,300. - (a) Compute income taxes payable for 2020. Income taxes payable e Click if you would like to Show Work for this question: Open Show Work