If no estimated taxes have been paid. the amount that Tringali will report as income tax payable for its first year of operations is $71,250.
Using this formula
Income tax payable=(Taxable incomex Tax rate)+Temporary difference depreciation
Let plug in the formula
Income tax payable=($265,000 x 25%)+($20,000×25%)
Income tax payable=$66,250+$5.000
Income tax payable=$71,250
Inconclusion the amount that Tringali will report as income tax payable for its first year of operations is $71,250.
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