The following information is available for Remmers Corporation for 2014. 1. Depreciation reported on the tax return
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Question:
1. | Depreciation reported on the tax return exceeded depreciation reported on the income statement by $121,600. This difference will reverse in equal amounts of $30,400 over the years 2015–2018. | |
2. | Interest received on municipal bonds was $12,100. | |
3. | Rent collected in advance on January 1, 2014, totaled $63,900 for a 3-year period. Of this amount, $42,600 was reported as unearned at December 31, 2014, for book purposes. | |
4. | The tax rates are 40% for 2014 and 35% for 2015 and subsequent years. | |
5. | Income taxes of $325,400 are due per the tax return for 2014. | |
6. | No deferred taxes existed at the beginning of 2014. |
* there are four journal entries in 2014 and 4 journal entries in 2015
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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