Reference no: EM133197480

1. During 2014, the Altomonte company presented a financial income before contributions of $126,000 and a taxable income of $90,000. This arises from using different depreciation methods for book and tax purposes. Determines the amount to be reported as income tax payable as December 31, 2014.

2. Previn Brothers Inc. purchased a piece of land at the cost of $27,000. Closing costs were $1,400. An old building was removed at the cost of $10,200. What amount must be recorded as the cost of the land? Submit your answer with the details of all the calculations made to obtain the final cost of the land.