Question

Actual quarterly earnings and quarterly estimates of annual earnings for Sloan Company for the year ended December 31, 2008 are as follows:


The combined state and federal tax rate for 2008 is 30%. Sloan Company estimated it would have permanent differences between accounting income and taxable income during 2008. Each quarter’s estimate of these annual differences is provided in the following table:


The actual amount of permanent differences for 2008 were environmental penalties, $14,000 dividend exclusion, $55,000.

Required:
Prepare journal entries to record Sloan Company’s 2008 quarterly income taxprovisions.


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  • CreatedMarch 13, 2015
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