Determine taxable income, current tax liability, deferred tax assets and/or liabilities, tax expense, net income after...

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Determine taxable income, current tax liability, deferred tax assets and/or liabilities, tax expense, net income after taxes for year 1 & year 2 (assume a 21% tax rate) Revenues (GAAP) Expenses (GAAP) Book-tax differences Depreciation (GAAP) Depreciation (Tax) Life insurance proceeds Non-deductible expenses $ $ Year 1 8,000,000 6,000,000 $ 580,000 $ 1,400,000 $ 3,000,000 S 85,000 $ $ $ $ $ $ Year 2 9,100,000 6,500,000 620,000 1,200,000 90,000 Determine taxable income, current tax liability, deferred tax assets and/or liabilities, tax expense, net income after taxes for year 1 & year 2 (assume a 21% tax rate) Revenues (GAAP) Expenses (GAAP) Book-tax differences Depreciation (GAAP) Depreciation (Tax) Life insurance proceeds Non-deductible expenses $ $ Year 1 8,000,000 6,000,000 $ 580,000 $ 1,400,000 $ 3,000,000 S 85,000 $ $ $ $ $ $ Year 2 9,100,000 6,500,000 620,000 1,200,000 90,000

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