Thun Company has been in operation for several years. It has both a deductible and a taxable

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Thun Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was $690, and its deferred tax liability was $750. The company expects its future deductible amount to be “deductible” in 2020 and its future taxable amount to be “taxable” in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Thun reported income taxes payable of $25,800, an increase in its deferred tax liability of $300, and an ending balance in its deferred tax asset of $860. Thun has prepared the following schedule of items related to its income taxes for 2019.
Item ......................................................................................Amount
Taxable income for 2019 ...................................................._______
Future taxable amount, 12/31/19 ......................................_______
Increase in future deductible amount during 2019 .........._______
Income tax expense for 2019 ..............................................._______


Required:
Fill in the blanks in the preceding schedule. Show your calculations.

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Related Book For  answer-question

Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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