Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i don't need any explanation. just fill the tables please. and prepare Journal entry for 2018 and 2019. Lyons Company deducts insurance expense of $225,000
i don't need any explanation. just fill the tables please. and prepare Journal entry for 2018 and 2019.
Lyons Company deducts insurance expense of $225,000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes. In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $75,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 20% and income taxes payable of $180,000 at the end of 2018 . There were no deferred taxes at the beginning of 2018 . Income taxes payable for 2019 is $210,000. Prepare Journal Entry for 2018 Prepare Journal Entry for 2019 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started