The books of the Speedster Company for the year ended December 31,2014,showed pretax income of $295,000.In computing the taxable income for federal income tax purposes,the following timing differences were taken into account: What should Speedster record as its current federal income tax liability at December 31,2014,assuming a corporate income tax rate of 30 percent?

Question

The books of the Speedster Company for the year ended December 31,2014,showed pretax income of $295,000.In computing the taxable income for federal income tax purposes,the following timing differences were taken into account:  What should Speedster record as its current federal income tax liability at December 31,2014,assuming a corporate income tax rate of 30 percent?

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The Answer of The books of the Speedster Company for the year ended December 31,2014,showed pretax income of $295,000.In computing the taxable income for federal income tax purposes,the following timing differences were taken into account:  What should Speedster record as its current federal income tax liability at December 31,2014,assuming a corporate income tax rate of 30 percent?

The Books of the Speedster Company for the Year Ended