"During the current year, Stern Company had pretax accounting income of $48 million. Stern's only temporary difference for the year was rent received for the following year in the amount of $11 million. Stern's taxable income for the year would be:"

$59 milliom

Explanation:

Calculation to determine what Stern's taxable income for the year would be:

Using this formula

Stern's taxable income=Accounting income +Rent received temporary difference

Let plug in the formula

Stern's taxable income=$48 million+ $11 million

Stern's taxable income=$59 million

Therefore Stern's taxable income for the year would be:$59 million

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