19-5 NEED ANSWERS AND CALCULATIONS FOR RED BOXES

Exercise 19-5 The following facts relate to Krung Thep Corporation. 1. Deferred tax liability, January 1, 2014, $59,520. 2. Deferred tax asset, January 1, 2014, $0 3. Taxable income for 2014, $141,360. 4. Pretax financial income for 2014, $248,000. 5. Cumulative temporary difference at December 31, 2014, giving rise to future taxable amounts, $357,120. 6. Cumulative temporary difference at December 31, 2014, giving rise to future deductible amounts, $52,080 7. Tax rate for all years, 30%. 8. The company is expected to operate profitably in the future. Your answer is correct. Compute income taxes payable for 2014. (Round answer to the nearest dollar amount, e.g. $1,525.) Income taxes payable 42408