During its first year of operations a company recorded accrued warranty expense totaling $75,000 for book purposes. For tax purposes, $25,000 of the expenses are deductible during the first year of operations and $50,000 are deductible during the second year of operations. Book income from operations during the first year was $750,000. The enacted income tax rate was 40% during the first year of operations and 45% during the second year of operations. The income tax expense to be reported in the income statement for the first year of operations is:
A. $300,000.
B. $277,500.
C. $297,500.
D. $280,000.
Answer: C
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ane always felt she had a larger worldview than her peers. She was always concerned about the needs of developing nations and she held deep empathy for people in need of global justice. Jane could be described as ______.
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