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Business, 21.10.2020 17:01 rchapman414

Cantlay, Inc., earns pretax book net income of $800,000 in 2019. Cantlay acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $80,000. Cantlay reported no other temporary or permanent book-tax differences. The pertinent U. S. Federal corporate income tax rate is 21% and Cantlay earns an after-tax rate of return on capital of 8%. What is Cantlay’s current income tax expense for the year?

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Cantlay, Inc., earns pretax book net income of $800,000 in 2019. Cantlay acquires a depreciable asse...
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