F16 Alignment Number Styles D G H M In 2021, its first year of operations, Bonhomme Company reports $74,000 of income before taxes. Bonhomme computes its taxable income after 2 considering the following issues: 3 S 6 with the 2-year warranty will be about $32,000. In 2021, Bonhomme incurs $14,000 of costs for warranty claims. 41. Bonhomme sells lawnmowers with an assurance product warranty. Based on industry averages, Bonhomme estimates that costs associated 8 72. In 2021, Bonhomme collected $60,000 from a business that is renting a portion of its warehouse. The $60,000 covers the rental payment 9 10 for the two years 2022-2023, and therefore no rental revenue has been recognized for 2021. However, Bonhomme must pay taxes on the entire amount collected in 2021. 11 3. 12 13 An accelerated depreciation method is used for tax purposes. In 2021, Bonhomme reports $20,000 more depreciation expense for tax purposes than it shows in the accounting records. The excess depreciation is expected to reverse in 2024. 14 The enacted tax rate in 2021 is 21%. 15 Required: 17 a. 18 19 b. 20 21 22 25 24 23 26 27 Calculate taxable income for 2021. Prepare the journal entry necessary to record income taxes at the end of 2021. How would any deferred tax amounts be reported on a classified balance sheet?