How to calculate income taxes expense?

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A clearer view of general jornal

The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31 . During December of its first year of operations, the corporation entered into the following transactions. Dec. 1 Issued to Jchn and Patty oriver 24,000 new shares in exchange for a total of $240,000 cash. Dec. 1 Purchased for $259,200 oll of the equipment formerly omed by Rent-It. Pald $134, ,0ee cash and issued a 1 -year note payable for $125,200. The note, plus a11.22 nonths of accrued interest, are due Novenber 30 , Year 2. Dec. 1 Paid $10,2ee to Sbapiro Realty as three months" advance rent on the rental yard and office formeriy occupied Rent-It. Dec. 4 Purchased office supplies on account from Modern office Co., $1,60e. Payment due In 30 days. (These supplies expected to last for several months; debit the office supplies asset account.) Dec. 8 Recelved 58,760 cash as advance payment on equipment renta1 from McMamer Construction Company. (Credit Unearn Rental Fees.) Dec. 12 Poid salaries of $4,709 for the first two weeks in December. Dec. 15 Excluding the MeNamer advance, equipsent rental fees earned during the first 15 days of becember amounted to $18,800, of which $12,900 was received in cash. Dec. 17 purchased on account from Earth Movers, Inc., $700 in parts needed to perform basic maintenance on a rental tractor. Payment is due In 10 days. Dec. 23 collected $2,900 of the accounts receivable recorded on December 15 . Dec. 26 Rented a backhoe to Mission Landscaping at a price of $300 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Dec.26 Paid biweekly salaries, $4,7a0. Dec.27 Paid the account payable to Earth Movers, Inc., 5700. Dec. 28 Declared o dividend of 10 cents per share, payable on January 15 , Year 2. Dec.29 Susquehanna Equipnent Rentals was naned, along with Mission Landscaping and Collier Construction, as a codefendant in a \$23,e00 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Dovenport had clinbed the fence to play on parked construction equipnent. While playing on the backhoe, he fe and broke his arm. The extent of the company's legal and financial responsibility for this occident, if any, cannot be determined at this tine. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) Dec. 29 Purchased a 22 -month public 1iability insurance policy for $9,360. This policy protects the conpany against. 11ability for injuries and property damage caused by its equipment. Hoiever, the policy goes into effect on January 1, Year 2, and affords no coverage for the Injuries sustained by Kevin Davenport on December 26. Dec.31 Received a bil1 from Universal uti1ities for the nonth of December, s66e. Payment is due in 39 days. Dec.31 Equipment rentol fees earned during the second half of December amounted to $20,600, of which $16,200 was received in cash. Dota for Adjusting Entrles in Year 1 a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to Rent-it is 6 percent. c. The rental equipment is being depreciated by the straight-line method over a period of eight years. Any salvage valu at the end of its useful life is expected to be negilgible and immaterial d. Office suppiles on hand at December 31 are estimated at $610. e. During December, the company earned $4,100 of the rental fees paid in advance by McNamer Construction Compan on December 8 i. As of December 31, six days' rent on the backhoe rented to Mission Landscaping on December 26 has been earned. 9. Salartes earned by employees since the last payroll date (December 26) amounted to $1,200 at month-end. h. It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payabie in Year 2. Prepare the necessary adjusting entries for December. (If no entry is required for a transaction/event, select. "No journal en In the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar