2022, Wynn Sheet Metal had taxable income of $8,050. The amount of depreciation reported in the 2022 tax return was $2,875, while the amount of depreciation reported in the income statement for that year was $1,175. Assuming no other differences between tax and accounting income, Wynn's pretax accounting income for 2022 was:

2022, Wynn Sheet Metal had taxable income of $8,050. The amount of depreciation reported in the 2022 tax return was $2,875, while the amount of depreciation reported in the income statement for that year was $1,175. Assuming no other differences between tax and accounting income, Wynn's pretax accounting income for 2022 was:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 4MC: Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the...

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