The following is selected information from the accounting records of Slow Inc. for 20X9 its first year
Question:
The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations:
In determining pre-tax accounting earnings, the following deductions were made:
For tax purposes, the following deductions were made:
The capital assets, originally costing $625,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in 20X9 as the assets were purchased at the start of the year. The tax rate is 36%.
Required:
Slow Inc. is a public company. Prepare the journal entry to record income tax at the end of 20X9.
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Deferred income tax Income tax payable Accounting earnings Perma...View the full answer
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