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Compute income taxes payable

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Question - How do you compute Income Taxes Payable?

At the end of the year, Shamrock Co. has pretax financial income of $538,000. Included in the $538,000 is $65,000 interest income on municipal bonds, $24,000 fine for dumping hazardous waste, and depreciation of $62,800. Depreciation for tax purposes is $47,100. Assuming the tax rate is 30% for all periods.

Reference no: EM132033383

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