The information that follows pertains to Richards Refrigeration, Incorporated: a. At December 31, 2024, temporary differences...
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The information that follows pertains to Richards Refrigeration, Incorporated: a. At December 31, 2024, temporary differences existed between the financial statement book values and the tax bases of the following: Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency Complete this question by entering your answers in the tabs below. b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $211 million and taxable income was $145 million for the year ended December 31, 2024. The tax rate is 25%. Required 1 Calculation ($ in millions) Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. 2. What is the 2024 net income? General Journal Book Value Tax Basis $ 142 $ 101 61 0 36 0 Required 2 Future Taxable (Deductible) Amount $ 41 61 (-36) Complete the following table given below to record income taxes for 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Amount (in millions) $ 211.00 X Tax Rate < Required 1 Calculation = = = = = Tax (in millions) Recorded as: General Journal > Required 1 Calculation General Journal Prepare the appropriate journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50) View transaction list 1 Journal entry worksheet Required 2 Record 2024 income taxes. Transaction 1 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal > Required 1 Calculation General Journal Net income Required 2 What is the 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). million < General Journal Required 2 > The information that follows pertains to Richards Refrigeration, Incorporated: a. At December 31, 2024, temporary differences existed between the financial statement book values and the tax bases of the following: Buildings and equipment (net of accumulated depreciation) Prepaid insurance Liability-loss contingency Complete this question by entering your answers in the tabs below. b. No temporary differences existed at the beginning of 2024. c. Pretax accounting income was $211 million and taxable income was $145 million for the year ended December 31, 2024. The tax rate is 25%. Required 1 Calculation ($ in millions) Required: 1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2024. 2. What is the 2024 net income? General Journal Book Value Tax Basis $ 142 $ 101 61 0 36 0 Required 2 Future Taxable (Deductible) Amount $ 41 61 (-36) Complete the following table given below to record income taxes for 2024. Note: Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Amounts to be deducted should be entered with a minus sign. Description Pretax accounting income Permanent differences Income subject to taxation Temporary Differences Income taxable in current year Amount (in millions) $ 211.00 X Tax Rate < Required 1 Calculation = = = = = Tax (in millions) Recorded as: General Journal > Required 1 Calculation General Journal Prepare the appropriate journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50) View transaction list 1 Journal entry worksheet Required 2 Record 2024 income taxes. Transaction 1 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal > Required 1 Calculation General Journal Net income Required 2 What is the 2024 net income? Note: Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). million < General Journal Required 2 >
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Description Amount in millions Tax Rate Tax in millions Recorded as Pretax accounting income 21100 5275 Current tax expense Permanent differences 000 ... View the full answer
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