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QUESTION 1 Answer saved Marked out of 1.00 Flag question Reformulating Balance Sheet and Income Statement for an Asset Disposal In 2015, Winnebago Industries recorded an impairment loss of $484,000 on its corporate plane. We wish to reformulate the company's income statement and balance sheet under the assumption that the plane had been used for the prior five years-see Analyst Adjustments 6.2 for guidance. The company's tax rate is 30%. a. For the income statement, identify with numbers the adjustments for each of the five years 2011-2015 for i. Loss on disposal Tax expense v. Net income Use a negative sign with your answer to indicate an adjustment decreases the Income Statement Adjustments 2011 2012 2013 2014 2015 Loss on disposalreversal) Tax Expense (reversal) Net Income (reversal) Tax Expense Net income (adjustment) Total net income(reversal + adjustment) b. For the balance sheet, identify with numbers the adjustments for each of the five years 2011-2015 for: ii Deferred tax Retained earnings Use a negative sign with your answer to indicate an adjustment decreases the Balance Sheet 2011 2012 2013 2014 2015 Adjustments Deferred tax liability Retained Earnings QUESTION 1 Answer saved Marked out of 1.00 Flag question Reformulating Balance Sheet and Income Statement for an Asset Disposal In 2015, Winnebago Industries recorded an impairment loss of $484,000 on its corporate plane. We wish to reformulate the company's income statement and balance sheet under the assumption that the plane had been used for the prior five years-see Analyst Adjustments 6.2 for guidance. The company's tax rate is 30%. a. For the income statement, identify with numbers the adjustments for each of the five years 2011-2015 for i. Loss on disposal Tax expense v. Net income Use a negative sign with your answer to indicate an adjustment decreases the Income Statement Adjustments 2011 2012 2013 2014 2015 Loss on disposalreversal) Tax Expense (reversal) Net Income (reversal) Tax Expense Net income (adjustment) Total net income(reversal + adjustment) b. For the balance sheet, identify with numbers the adjustments for each of the five years 2011-2015 for: ii Deferred tax Retained earnings Use a negative sign with your answer to indicate an adjustment decreases the Balance Sheet 2011 2012 2013 2014 2015 Adjustments Deferred tax liability Retained Earnings