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I can't figure out the income tax expense and deferred tax asset in the last section. If you can, please post the calculations to the
I can't figure out the income tax expense and deferred tax asset in the last section. If you can, please post the calculations to the answer as well- I would greatly greatly appreciate it! Thank you!
Exercise 19-2 The following information is available for Blossom Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,800. This $40,800 difference will reverse equally over the years 2017-2020 2. Deferral, for book purposes, of $18,200 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $298,300. 4. Tax rate for all years, 30%. Your answer is correct. Compute taxable income for 2016 Taxable income 275700 SHOW LIST OF ACCOUNTS SHOW SOLUTIONSHOW ANSWER LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (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 titles and enter 0 for the amounts) Credit Account Titles and Explanation Debit Income Tax Expense 89490 Deferred Tax Asset 5460 Deferred Tax Liabllity 12240 Income Tax Payable 82710 LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER VIDEO: SIMILAR EXERCISE Your answer is partially correct. Try again Prepare the joumal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming taxable income of $319,600. (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 0 for the amount Account Titles and Explanation Income Tax Expense Debit Credit 60640 Deferred Tax Liability 40B00 Deferred Tax Asset 5460 Tncome Tax Payable 95880 Click if you would like to Show Work for this question Open Show Work
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