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Asc 740 tax disclosures etr exercise exhibit are the

Tax disclosures ETR exercise

Facts -

Exhibit are the current and deferred provision calculations for Turbo Inc. Turbo's federal tax rate is 34% and it operates entirely in one state with a 5% income tax rate.

Required -

1. Calculate Turbo's effective tax rate.

2. Prepare the required note disclosure to reconcile Turbo's effective tax rate to the federal statutory rate.

Attachment:- Exhibit.rar

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