QUESTION 33Peacock Corporation sold equipment during the current year. Its tax gain on the equipment was $4,000 and its book gain on theequipment was $2,000. Peacock will enter $2,000 as a subtraction on Schedule M-1 of Form 1120.Oa. True.Ob. False.QUESTION 34Which of the following items is an addition on Schedule M-17Oa. Tax depreciation in excess of book depreciation.Ob. Proceeds of life insurance paid on death of key employee.Oc. Excess of capital losses over capital gains.Od. Tax-exempt interest.O e. None of the above.

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Peacock Corporation sold equipment during the current year. Its tax gain on the equipment was $4,000 and its book gain on the equipment was $2,000, Peacock will enter $2,000 as a subtraction on Schedule M-1 of Form 1120. Oa. True. b. False.

Peacock Corporation sold equipment during the current year. Its tax gain on the equipment was $4,000 and its book gain on the equipment was $2,000, Peacock will enter $2,000 as a subtraction on Schedule M-1 of Form 1120. Oa. True. b. False.

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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