Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $102000 Municipal bond income $126000 Depreciation for tax purposes in excess of book depreciation $66000 Installment sales profit to be taxed in 2022 $168000 For 2021, what is the amount of income taxes payable for Sunland, Inc?
Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 $102000 Municipal bond income $126000 Depreciation for tax purposes in excess of book depreciation $66000 Installment sales profit to be taxed in 2022 $168000 For 2021, what is the amount of income taxes payable for Sunland, Inc?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sunland, Inc. had pre-tax accounting income of $3300000 and a tax rate of 20% in 2021, its first year of operations. During 2021 the company had the following transactions:
Received rent from Jane, Co. for 2022 | $102000 |
Municipal bond income | $126000 |
$66000 | |
Installment sales profit to be taxed in 2022 | $168000 |
For 2021, what is the amount of income taxes payable for Sunland, Inc?
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