Question:(Account) 19-59 Packard Corporation reported pretax book income of $501,300. Included in the computation were favorable temporary differences of $11,300, unfavorable temporary differences of $101,300, and unfavorable permanent differences of $90,650. Assuming a tax rate of 34%, the Corporation's current income tax expense or benefit would be: a. $170,442. b. $177,905. c. $231,863. d. $109,021.
Question:(Account) 19-59 Packard Corporation reported pretax book income of $501,300. Included in the computation were favorable temporary differences of $11,300, unfavorable temporary differences of $101,300, and unfavorable permanent differences of $90,650. Assuming a tax rate of 34%, the Corporation's current income tax expense or benefit would be: a. $170,442. b. $177,905. c. $231,863. d. $109,021.
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 37P
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Transcribed Image Text:Question:(Account) 19-59
Packard Corporation reported pretax book income of
$501,300. Included in the computation were
favorable temporary differences of $11,300,
unfavorable temporary differences of $101,300, and
unfavorable permanent differences of $90,650.
Assuming a tax rate of 34%, the Corporation's current
income tax expense or benefit would be:
a. $170,442.
b. $177,905.
c. $231,863.
d. $109,021.
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