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Questions

Fоr its first yeаr оf оperаtions, Tringаli Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 350,000 Permanent difference (15,000) 335,000 Temporary difference-depreciation (20,200) Taxable income $ 314,800 Tringali's tax rate is 25%. Assume that no estimated taxes have been paid. What should Tringali report as its income tax expense for its first year of operations?