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Rubio, Inc., an accrual basis C corporation, reports the following amounts for the tax year. The combined Federal, state, and global income tax rate is 30%.

Book income, including the items below$80,000Increase in book allowance for anticipated warranty

costs5,000

Interest income from City of Westerville bonds10,000

Bribes paid to Federal inspectors17,000

Question a. Indicate whether the following items create temporary or permanent differences.

  1. Increase in book allowance for anticipated warranty costs Temporary
  2. Interest income from City of Westerville bondsPermanent
  3. Bribes paid to Federal inspectorsPermanent

Question b. Rubio's taxable income is $.

Reference no: EM132480897

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