For Its First Year of Operations Tringali Corporation's Reconciliation of Pretax

question 109

Multiple Choice

For its first year of operations Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Tringali's tax rate is 40%. Assume that no estimated taxes have been paid.
What should Tringali report as income tax payable for its first year of operations?

• A)$120,000.
• B)$114,000.
• C)$106,000.
• D)$ 8,000.

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