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Metge Corporations 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

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.

Required:

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).

Apr 23 2020 View more View Less

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