Solved: In the absence of other temporary or permanent differences, Accounting Basics

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In the absence of other temporary or permanent differences

Question - For the current year ($ in millions), Centipede Corp. had $80 in pretax accounting income. This included warranty expense of $8 and $14 in depreciation expense. 1 million of warranty costs were incurred, and MACRS depreciation amounted to $37. In the absence of other temporary or permanent differences, what was Centipede's income tax payable currently, assuming a tax rate of 40%?

A. 13.6 Million

B. 22.4 Million

C. 28.8 Million

D. 25.6 Million

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Accounting Basics: In the absence of other temporary or permanent differences

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