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:
Depreciation deducted for tax purposes in excess of
Depreciation recorded on the books ...................
$14,500
Income from installment sale reportable for tax purposes
In excess of income recognized on the books ..........
11,500
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:
Depreciation deducted for tax purposes in excess of
Depreciation recorded on the books ...................
$14,500
Income from installment sale reportable for tax purposes
In excess of income recognized on the books ..........
11,500
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