Based on the facts and results of Problems 38-43, calculate Kantner's total provision for income tax expense reported on its financial statement and its book net income after tax.

Data from 38

Transcribed Image Text:

Тах Book Debit/(Credit) Debit/(Credit) Assets $ 1,000 $ 1,000 Cash Accounts receivable 9,000 9,000 Buildings Accumulated depreciation 850,000 850,000 (620,000) (700,000) Furniture & fixtures 40,000 40,000 Accumulated depreciation |(10,000) $190,000 (8,000) $272,000 Total assets Liabilities ($ 40,000) Accrued warranty expense -0- Note payable |(16,000) (16,000) ($ 56,000) ($ 16,000) Total liabilities Stockholders' Equity Paid-in capital ($ 50,000) (166,000) ($272,000) ($ 50,000) (124,000) ($190,000) Retained earnings Total liabilities and stockholders' equity