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During the current year, Stern Company had pretax accounting income of $45 million. Stern's only temporary difference for the year was rent received for the following year in the amount of $15 million. Stern's taxable income for the year would be:$60 million.$30 million.$50 million.$45 million.

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Answer:

The answer is: $60 million

Explanation:

In this case, temporary differences refer to income that Stern Company received as advance payments that correspond to next year's rent.

Temporary differences have to be included in this year's total taxable income:

$45 million + $15 million = $60 million

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