Hinton Exploration Company reported pretax financial income of $621,000 for the calendar year 2011. Included in the
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Hinton Exploration Company reported pretax financial income of $621,000 for the calendar year 2011. Included in the Other Income section of the income statement was $98,000 of interest revenue from municipal bonds held by the company. The income statement also included depreciation expense of $580,000 for a machine that cost $3,250,000. The income tax return reported $650,000 as MACRS depreciation on the machine.
The enacted tax rate is 40% for 2011 and future years. Prepare the journal entry or entries necessary to record income taxes for 2011.
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Income Tax Expense 209200 Income Taxes Payable 181200 ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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