In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000

In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012.

Click here: In 2012, Amirante Corporation had pretax financial income of $168,000 and taxable income of $120,000