The following information is available for Bramble Corporation for 2016 (its first year of operations). 1. Excess
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The following information is available for Bramble Corporation for 2016 (its first year of operations).
1. | Excess of tax depreciation over book depreciation, $42,400. This $42,400 difference will reverse equally over the years 2017–2020. | |
2. | Deferral, for book purposes, of $20,300 of rent received in advance. The rent will be recognized in 2017. | |
3. | Pretax financial income, $272,300. | |
4. | Tax rate for all years, 30%. |
Compute taxable income for 2016.
Taxable income Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. ( Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, assuming taxable income of $345,800. |
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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