Metge Corporation’s worksheet for calculating taxable income for 2014 follows:
The enacted tax rate for 2014 is 35%, but it is scheduled to increase to 40% in 2015 and subsequent years. All temporary differences are originating differences.
1. Determine Metge’s 2014 taxes payable.
2. What is the change in deferred tax assets (liabilities) for 2014?
3. Determine tax expense for 2014.
4. Provide a schedule that reconciles Metge’s statutory and effective tax rates (in both percentages and dollar amounts).
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