The following information is available for Larkspur Corporation for 2019 (its first year of operations). 1. Excess
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The following information is available for Larkspur Corporation for 2019 (its first year of operations).
1. | Excess of tax depreciation over book depreciation, $37,000.This $37,000 difference will reverse equally over the years2020–2023. | |
2. | Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2020. | |
3. | Pretax financial income, $296,200. | |
4. | Tax rate for all years, 20%. |
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019.
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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