Star Corp. reported pretax net income from continuing operations of $1,000,000. Tax depreciation exceeded book depreciation by $100,000. Star Corp. had $50,000 of accrued vacation pay that was not deductible. Star Corp. also claimed $150,000 dividends received deduction (DRD). Assume no valuation allowance.
Required:
a. Compute Star Corp.'s current income tax expense or benefit.
b. Compute Star Corp.'s deferred income tax expense or benefit.
c. Provide two reconciliation of Star Corp.'s total income tax provision with its hypothetical income tax expense of 21% in both dollars and rates.
Answers: 2
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Star Corp. reported pretax net income from continuing operations of $1,000,000. Tax depreciation exc...
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