Chapter 19

Problem:P19-1, Three Differences, No Beginning Deferred valuees, Multiple egregious Course: Date: The future(a) information is available for Remmers passel for 2010. 1. depreciation describe on the tax engender exceeded depreciation reported on the income statement by $120,000 This difference leave black eye in equal amounts of$30,000 everywhere the years 2011-2014 2. Interest certain on municipal bonds was$10,000 3. Rent sedate in wage addition on January 1, 2010, totaled$60,000 for a 3-year period. Of this amount,$40,000 was reported as honorary at December 31, for word of honor purposes. 4. The tax rates atomic number 1840%for 2010 and35%for 2011 and subsequent years. 5. Income taxes of$320,000 argon due(p) per the tax return for 2010. 6. No deferred taxes existed at the startle exercise of 2010. Instructions: (a) record taxable income for 2010. Income tax due$320,000 revenue enhancement rate40% Taxable income$800,000 (b) think pretax financial income for 2010.

Taxable income from better (a)$800,000 excessiveness depreciation120,000 Municipal interest10,000 honorary rent(40,000) Pretax financial income for 2010$890,000 (c) have the daybook entries to record income tax expense, deferred income taxes, and income taxes collectable for 2010 and 2011. dupe taxable income was$980,000 in 2011. 2010Income Tax disbursal352,000 Deferred Tax summation16,000 Deferred Tax Liability48,000 Income Tax due320,000 2011Income Tax Expense344,900 Deferred Tax Asset7,000 Deferred Tax Liability8,900 Income Tax Payable343,000 (d) Prepare the income tax expense fraction of the income statement for 2010, beginning with Income in front income taxes. Income before income...If you want to possess a dependable essay, array it on our website: Ordercustompaper.com

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