The following facts relate to Sunland Corporation. 1 Deferred tax liability, January 1, 2025, $27,600. 2...
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The following facts relate to Sunland Corporation. 1 Deferred tax liability, January 1, 2025, $27,600. 2 Deferred taxes January 1, 2025, $0. 3 Taxable income for 2025, $112,080 4. Protex Financial Income for 2025, $219,000. 5. 6. 7 8. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $285,600. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $41,650. Tax rate for all years, 20% The company is expected to operate profitably in the future Your answer la correct Compute Income taxes payable for 2025. Income taxes payable $ *Textbook and Media List of Accounts Using multiple attempts will Impact your score 5% score reduction after attempt 1 (b) 22510 Attempts: 1 of 2 used Prepare the journal entry to record income tax expense, deferred Income taxes, and income taxes payable for 2025. (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 for the amounts) Account Titles and Explanation eTextbook and Media Debit Credit The following facts relate to Sunland Corporation. 1 Deferred tax liability, January 1, 2025, $27,600. 2 Deferred taxes January 1, 2025, $0. 3 Taxable income for 2025, $112,080 4. Protex Financial Income for 2025, $219,000. 5. 6. 7 8. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $285,600. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $41,650. Tax rate for all years, 20% The company is expected to operate profitably in the future Your answer la correct Compute Income taxes payable for 2025. Income taxes payable $ *Textbook and Media List of Accounts Using multiple attempts will Impact your score 5% score reduction after attempt 1 (b) 22510 Attempts: 1 of 2 used Prepare the journal entry to record income tax expense, deferred Income taxes, and income taxes payable for 2025. (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 for the amounts) Account Titles and Explanation eTextbook and Media Debit Credit
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