how to answer 2-1& 2-2? Thank you
Check my work 3 Exercise 16-10 Deferred tax asset; taxable income given; valuation allowance (L016-3) 0.9 points eBook At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book-tax difference of $75 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $180 million and the tax rate is 40%. Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more likely than not that the deferred tax asset will be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) Hint Print View transaction list View journal entry worksheet No Event Dobit General Journal Credit 1 1 74 Income tax expense Deferred tax asset Income tax payable 2 72 2 2 No journal entry required Check my work 3 0.9 points 2. Prepare the journal entry(s) to record Payne's Income taxes for 2016, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) eBook Hint View transaction list Print Journal entry worksheet 1 Record 2016 income taxes Note: Enter debits before credits Debit General Journal Event Credit MC Check 3 0.9 points 2. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more likely than not that one fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) eBook Hint View transaction list Print Journal entry worksheet Record valuation allowance for the end of 2016. Note: Enter debits before credits General Journal Debit Credit Event 2 income tax expense Deferred tax asset ME Check my work 3 Exercise 16-10 Deferred tax asset; taxable income given; valuation allowance (L016-3) 0.9 points eBook At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book-tax difference of $75 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $180 million and the tax rate is 40%. Required: 1. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more likely than not that the deferred tax asset will be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) Hint Print View transaction list View journal entry worksheet No Event Dobit General Journal Credit 1 1 74 Income tax expense Deferred tax asset Income tax payable 2 72 2 2 No journal entry required Check my work 3 0.9 points 2. Prepare the journal entry(s) to record Payne's Income taxes for 2016, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) eBook Hint View transaction list Print Journal entry worksheet 1 Record 2016 income taxes Note: Enter debits before credits Debit General Journal Event Credit MC Check 3 0.9 points 2. Prepare the journal entry(s) to record Payne's income taxes for 2016, assuming it is more likely than not that one fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) eBook Hint View transaction list Print Journal entry worksheet Record valuation allowance for the end of 2016. Note: Enter debits before credits General Journal Debit Credit Event 2 income tax expense Deferred tax asset ME
