Shetland Inc. had pretax financial income of $154,000 in 2020. Included in the computation of that amount
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Shetland Inc. had pretax financial income of $154,000 in 2020. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $10,000. Prepare Shetland’s journal entry to record 2020 taxes, assuming a tax rate of 25%.
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Debjyoti bhattacharya
I have qualified in GRADUATE RECORD EXAMINATION for Engineering (GATE) in chemical engineering in 2018.
In 2019, also i have taken GATE exam and expecting less than 250 rank out of around 15000 who appears in the exam each year.
I have completed my bachelors in chemical engineering with more than 70% marks from an institute of national importance.
During my college time, i have taken classes of fluid mechanics and mass transfer of juniors in 2nd year and 3rd year for gate exam as i was preparing for the same.Since that time i have nurtured an interest in teaching.
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Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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