Solution a:
Taxable income for 2020 = Accounting income - Excess depreciation as per income + Excess of rent revenue for tax purpose + Non deductible fines
= $115,000 - $19,600 + $29,400 + $18,300 = $143,100
Income taxes payable for 2020 = $143,100 * 30% = $42,930
Question 3 Concord Inc. reports accounting income of $115,000 for 2020, its first year of operations....
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