8. At year-end and while preparing this year's income taxes (which have not been accrued), you have...
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8. At year-end and while preparing this year's income taxes (which have not been accrued), you have identified the following book-tax differences for the year: You have prepaid all your insurance for next year, totaling $40,000. This amount is tax deductible at the time of payment. You incurred a $15,000 fine from the government, which is not deductible for tax purposes
What journal entries need to be recorded, and how does this affect the trial balance sheet?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: