Provide correct answer the accounting question Packard Corporation reported pretax book income of$501,300. Included in the computation werefavorable temporary differences of $11,300,unfavorable temporary differences of $101,300, andunfavorable permanent differences of $90,650.Assuming a tax rate of 34%, the Corporation'scurrent income tax expense or benefit would be:a. $170,442.b. $177,905.c. $231,863.d. $109,021.

Step 1: Define Current Income Tax ExpenseThe current income tax expense is the portion of the total…

Answered: Packard Corporation reported pretax…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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Woodward Corporation reported pretax book income of $1,335,000. Included in the computation were favorable temporary differences of $355,000, unfavorable temporary differences of $98,250, and favorable permanent differences of $158,000. Compute the company’s current income tax expense or benefit. In picture- what is the tax rate and current income tax expense?
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Ann Corporation reported pretax book income of $1,190,000. Included in the computation were favorable temporary differences of $140,000, unfavorable temporary differences of $234,000, and favorable permanent differences of $138,000. Compute the company's book equivalent of taxable income. Use this number to compute the company's total income tax provision or benefit. Book equivalent of taxable income Total income tax provision or benefit
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Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20X8 $530,000 20X9 $505,000 305,000 730,000 38% 38% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 20X9 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 20X9 Implied tax rate 96 % 2-a. How much tax expense would be reported using comprehensive tax allocation (liability method). Tax Expense 20X8 20X9 2-b. How much deferred income tax would be reported using comprehensive tax allocation (liability method).
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Ann Corporation reported pretax book income of $1,800,000. Included in the computation were favorable temporary differences of $182,500, unfavorable temporary differences of $267,000, and favorable permanent differences of $112,000. Compute the company’s book equivalent of taxable income. Use this number to compute the company’s total income tax provision or benefit. Determine the book equavalent of taxable income and total income tax proivison or benefit.

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