Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax
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Question:
Information for Kent Corp. for the year 2021:
Reconciliation of pretax accounting income and taxable income:
Pretax accounting income | $ | 182,000 | ||
Permanent differences | (15,300 | ) | ||
166,700 | ||||
Temporary difference-depreciation | (11,900 | ) | ||
Taxable income | $ | 154,800 | ||
|
Cumulative future taxable amounts all from depreciation temporary differences:
As of December 31, 2020 | $ | 13,900 | |
As of December 31, 2021 | $ | 25,800 | |
|
The enacted tax rate was 30% for 2020 and thereafter.
What would Kent's income tax expense be in the year 2021?
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
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