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During 2017, Bridgeport Co.?s first year of operations, the company reports pretax financial income at $226,100. Bridgeport?s enacted tax rate is 45% for 2017 and
During 2017, Bridgeport Co.?s first year of operations, the company reports pretax financial income at $226,100. Bridgeport?s enacted tax rate is 45% for 2017 and 40% for all later years. Bridgeport expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2017, are summarized as follows.
Question1 Question2 Question3 Question4 questions are individual. Just find out wrong answer parts(in red) Prepare the journal entry to record income taxes payable, deferred taxes, and income tax expense fe entered. Be not indent manually. If no entry is required, select "He Entry" for the accounl Amunt Titles and Explanation Debit Credit 124355 In came Tax Expense Deferred Tax Asset 4 144i] Income Tax Payable 42620 Deferred Tax Liability \fPrepare the journal EI'ItF'f to record income taxes payable. deferred taxes. and income tax expense for 2 amount is entered. Do not indent man oaHy. If no en try is required, select "Ho En try" for u Amunt TItles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset 4 144i] In some Tax Paya ble Deferred Tax Liability:r 43"12i] Indicate helm.I deferred income taxes I.Illill be reported an the balance sheet at the end of EDIE. L a rk5pur Corporation Balance Sheet December 31. 2:116 ' Tctal Aaaeta 1' Income Tax Payable $ 12954Step by Step Solution
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