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The following information has been obtained for Cullumber Corporation 1. 2. 3. 4. 5. 6. 7. Prior to 2020, taxable income and pretax financial income were identical. Pretax financial income is $1,764,000 in 2020 and $1,372,000 in 2021. On January 1, 2020, equipment costing $1,160,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) Interest of $60,000 was earned on tax-exempt municipal obligations in 2021. Included in 2021 pretax financial income is a gain on discontinued operations of $181,000, which is fully taxable. The tax rate is 20% for all periods. Taxable income is expected in all future years. Your answer is correct. Compute taxable income and income taxes payable for 2021. Taxable income 1225000 245000 Income taxes payable I SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Your answer is partially correct. Try again. Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense TDeferred Tax Liability T Income Tax Payable 245000 Deferred Tax Asset T SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the bottom portion of Cullumber's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation your answer is partially correct. Try again. Prepare the bottom portion of Cullumber's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation Income Statement (Partial) For the Year Ended December 31, 2021 Income from Continuing Operations before Income Taxes + T Income Tax Expense referred . Current , Income from Continuing Operations T 7 Gain Gain on Discontinued Operations 181,000 T Applicable Income Tax Net Income / (Loss) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet. Cullumber Corporation Balance Sheet (Partial) T December 31, 2021 T Long-term Liabilities Deferred Tax Liability 3,520 Click If you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: Unlimited SAVE FOR LATER SUBMIT ANSWER The following information has been obtained for Cullumber Corporation 1. 2. 3. 4. 5. 6. 7. Prior to 2020, taxable income and pretax financial income were identical. Pretax financial income is $1,764,000 in 2020 and $1,372,000 in 2021. On January 1, 2020, equipment costing $1,160,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year convention for tax purposes, as discussed in Appendix 11A.) Interest of $60,000 was earned on tax-exempt municipal obligations in 2021. Included in 2021 pretax financial income is a gain on discontinued operations of $181,000, which is fully taxable. The tax rate is 20% for all periods. Taxable income is expected in all future years. Your answer is correct. Compute taxable income and income taxes payable for 2021. Taxable income 1225000 245000 Income taxes payable I SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Your answer is partially correct. Try again. Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense TDeferred Tax Liability T Income Tax Payable 245000 Deferred Tax Asset T SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the bottom portion of Cullumber's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation your answer is partially correct. Try again. Prepare the bottom portion of Cullumber's 2021 income statement, beginning with "Income from continuing operations before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cullumber Corporation Income Statement (Partial) For the Year Ended December 31, 2021 Income from Continuing Operations before Income Taxes + T Income Tax Expense referred . Current , Income from Continuing Operations T 7 Gain Gain on Discontinued Operations 181,000 T Applicable Income Tax Net Income / (Loss) LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet. Cullumber Corporation Balance Sheet (Partial) T December 31, 2021 T Long-term Liabilities Deferred Tax Liability 3,520 Click If you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: Unlimited