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Situation
Brunner Corporation is in its first year of operations.The company has pretax income of $600,000.The company has the following items recorded in its records.No estimated tax payments were made during year 1.
| Actual warranty repairs | 4,100 |
| Warranty expense | 5,000 |
| Bad debt expense | 3,400 |
| Beginning balance in allowance for uncollectible accounts | 0 |
| Bad debts written off | 2,900 |
| Depreciation on tax return in excess of book depreciation | 15,000 |
| Interest on municipal bonds | 7,800 |
| Premiums on life insurance of key officer | $12,000 |
| Rent received in advance from clients $12,000 recognized this year with an additional $12,000 to be recognized in each of the next 2 years | 36,000 |
| Tax rate for year 1 and future years | 30% |
Complete the following table to calculate taxable income.If no adjustment is needed for a particular item enter 0 as your calculation.
Adjustment for rent received in advance________?Answer:24000
