At the end of the preceding year, World Industries had a deferred tax asset of $10,750,000, attributable to its only temporary differenc of $43,000,000 for estimated expenses. At the end of the current year, the temporary difference is $38,000,000. At the beginning of the year there was no valuation account for the deferred tax asset. At year-end, World Industries now estimates that it is more likely than not that one-third of the deferred tax asset will never be realized. Taxable income is $11,300,000 for the current year and the tax rate is 25% for all years, Required: Prepare journal entries to record World Industries' income tax expense for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 > Record the income taxes. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 1 (Ch15, 16) 3. At the end of the preceding year, World Industries had a deferred tax asset of $10,750,000, attributable to its only temporary differe of $43,000,000 for estimated expenses. At the end of the current year, the temporary difference is $38,000,000. At the beginning the year there was no valuation account for the deferred tax asset. At year-end, World Industries now estimates that it is more like than not that one-third of the deferred tax asset will never be realized. Taxable income is $11,300,000 for the current year and the rate is 25% for all years. Required: Prepare journal entries to record World Industries' income tax expense for the current year. (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record valuation allowance for the year end. Note: Enter debits before credits. General Journal Debat Credit Transaction 2 Record entry Clear entry View general Journal ODD 20 F3 DODF At the end of the preceding year, World Industries had a deferred tax asset of $10,750,000, attributable to its only temporary differenc of $43,000,000 for estimated expenses. At the end of the current year, the temporary difference is $38,000,000. At the beginning of the year there was no valuation account for the deferred tax asset. At year-end, World Industries now estimates that it is more likely than not that one-third of the deferred tax asset will never be realized. Taxable income is $11,300,000 for the current year and the tax rate is 25% for all years, Required: Prepare journal entries to record World Industries' income tax expense for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 > Record the income taxes. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 1 (Ch15, 16) 3. At the end of the preceding year, World Industries had a deferred tax asset of $10,750,000, attributable to its only temporary differe of $43,000,000 for estimated expenses. At the end of the current year, the temporary difference is $38,000,000. At the beginning the year there was no valuation account for the deferred tax asset. At year-end, World Industries now estimates that it is more like than not that one-third of the deferred tax asset will never be realized. Taxable income is $11,300,000 for the current year and the rate is 25% for all years. Required: Prepare journal entries to record World Industries' income tax expense for the current year. (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record valuation allowance for the year end. Note: Enter debits before credits. General Journal Debat Credit Transaction 2 Record entry Clear entry View general Journal ODD 20 F3 DODF
