Current Attempt in Progress Flounder Corporation began operations in 2025 and reported pretax financial income of...
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Current Attempt in Progress Flounder Corporation began operations in 2025 and reported pretax financial income of $226,000 for the year. Flounder's tax depreciation exceeded its book depreciation by $39,000. Flounder's tax rate for 2025 and years thereafter is 30%. In its December 31. 2025, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $ Whispering Corporation began operations in 2025 and reported pretax financial income of $238,000 for the year. Whispering's tax depreciation exceeded its book depreciation by $48,000. Whispering's tax rate for 2025 and years thereafter is 30%. Assume this is the only difference between Whispering's pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Show how the deferred tax liability will be classified on the December 31, 2025, balance sheet. Deferred tax liability should be classified as a noncurrent liability on the December 31, 2025, balance sheet. Current Attempt in Progress Flounder Corporation began operations in 2025 and reported pretax financial income of $226,000 for the year. Flounder's tax depreciation exceeded its book depreciation by $39,000. Flounder's tax rate for 2025 and years thereafter is 30%. In its December 31. 2025, balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $ Whispering Corporation began operations in 2025 and reported pretax financial income of $238,000 for the year. Whispering's tax depreciation exceeded its book depreciation by $48,000. Whispering's tax rate for 2025 and years thereafter is 30%. Assume this is the only difference between Whispering's pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Show how the deferred tax liability will be classified on the December 31, 2025, balance sheet. Deferred tax liability should be classified as a noncurrent liability on the December 31, 2025, balance sheet.
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