The following information is available for Bonita Corporation for 2020. 1. Depreciation reported on the tax return
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The following information is available for Bonita Corporation for 2020.
1. | Depreciation reported on the tax return exceeded depreciation reported on the income statement by $116,000. This difference will reverse in equal amounts of $29,000 over the years 2021–2024. | |
2. | Interest received on municipal bonds was $10,200. | |
3. | Rent collected in advance on January 1, 2020, totaled $60,000 for a 3-year period. Of this amount, $40,000 was reported as unearned at December 31, 2020, for book purposes. | |
4. | The tax rates are 40% for 2020 and 35% for 2021 and subsequent years. | |
5. | Income taxes of $312,000 are due per the tax return for 2020. | |
6. | No deferred taxes existed at the beginning of 2020. |
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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