For the year ending December 31,2015,the RJ Corporation reported book income before taxes of $579,000.During 2015: RJ's book depreciation expense was $25,000 greater than what was allowed for tax purposes due to a reversing difference;RJ accrued $17,750 of warranty expense which is not deductible for tax purposes until 2016;RJ recognized a $29,000 unrealized loss on an investment which is not deductible for tax purposes until the investment is sold;and RJ's book income included municipal bond interest of $19,500.What was RJ Corporation's 2015 income tax expense assuming a tax rate of 40%?

Question

Quizplus · Accepted Answer

Income taxes payable 252,500**($579,000 + $25,000 + $17,750 + $29,000 - $19,500).40

For the Year Ending December 31,2015,the RJ Corporation Reported Book