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the company reported sales of 60 000 other income statement items for the year were 4243780

The company reported sales of $60,000. Other income statement items for the year were as follows:Interest revenue from municipal bonds . . . . . . . . . . . . . . . . . . . . . $ 7,000Depreciation expense (tax depreciation was $36,000) . . . . . . . . . . 25,000Expenses not deductible for tax purposes . . . . . . . . . . . . . . . . . . . . 18,000Warranty expenses (not deductible until actually provided;$2,000 provided this year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000The income tax rate is 40%. (1) Compute the effective tax rate and (2) Provide a reconciliation of the statutory tax rate of 40% to the effective tax rate.View Solution:
The company reported sales of 60 000 Other income statement it

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