Accounting Problems

Instructions

Refer to Question 1 ACCT.png, Question 6 ACCT.png, and Question 8 ACCT.png and fill in the blanks.

Question 1

The following information is available for Culver Corporation for 2020. 1. CCA that was reported on the 2020 tax return exceeded depreciation reported on the income statement by $134,400. This difference is expected to reverse in equal amounts of $33,600 per year over the period 2021 to 2024. 2. Dividends received from taxable Canadian corporations were $19,320. 3. Rent collected in advance on January 1, 2020 totalled $75,600 for a three-year period. Of this amount, $50,400 was reported as unearned for book purposes at December 31, 2020. 4. The tax rates are 25% for 2020 and 30% for 2021 and subsequent years. 5. Income taxes payable are $168,000 for 2020. Calculate taxable income. Taxable income $ Calculate accounting income for 2020. Accounting income for 2020 $At December 31, 2019, Culver Corporation had a deferred tax liability of $39,000. At December 31, 2020, the deferred tax liability is $57,300. The corporation's 2020 current tax expense is $59,900. What amount should Culver report as total 2020 income tax expense? Income tax expense to be reported $Ayayai Corporation has a taxable temporary difference related to net book value versus UCC of $?04,000 at December 31, 2020'. This difference will reverse as follows: 202 1, $56,100; 2022, $301,000; and 2023, $346,900. Enacted tax rates are 25% for 2021 and 2022, and 30% for 2023. Calculate the amount that Ayayai should report as a deferred tax asset or liability at December 3 l, 2020'. Deferred tax to be reported $ lfthe tax rate for 2023 had been 25%, and unexpectedly increased to 30% at the end of 2020, how would the increase in the tax rate for 2023 have affected the deferred tax asset or liability, and the related expense. in 2020? The deferred tax expense and liability would in 2020 by $