Leer Corp.'s pre-tax income in 20X5 is $100,000. The temporary differences between amounts reported in the financial statements and the tax return are as follows: Depreciation in the financial statements is $8,000 more than tax depreciation. The equity method of accounting resulted in financial statement income of $35,000. A $25,000 dividend is received during the year, which is eligible for the 80% dividends received deduction. Leer's effective income tax rate was 30% in 20X5. In its 20X5 income statement, Leer should report a current provision for income taxes of
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Leer Corp.'s pre-tax income in 20X5 is $100,000. The temporary differences between amounts reported...
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