Maya Company has taxable income of $729,000 and pretax accounting income of $772,000. The company's income tax rate is 35%. What are the company's current and long- term tax liabilities?
A) Current liability $9,800; long- term liability $255,150
B) Current liability $0; long- term liability $264,950
C) Current liability $255,150; long- term liability $9,800
D) Current liability $264,950; long- term liability $0
Correct Answer:
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