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Assessment 5 Data Sheet Part 1: Temporary Differences Sharp Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. 2015 2016 2017 Pretax financial income $420,000 $455,000 $472,500 Excess depreciation expense on tax return (15,000) (20,000) (5,000) Excess warranty expense in financial income 10,000 5,000 4,000 Taxable income $415,000 $440,000 $471,500 The income tax rate for all years is 40%. Part 2: Carryback and Carryforward The pretax financial income (or loss) figures for Bryan Clark Company are as follows. 2013 $ 80,000 2014 125,000 2015 40,000 2016 (80,000) 2017 (190,000) 2018 60,000 2019 50,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2013 and 2014 and a 40% tax rate for the remaining years. Part 3: Lessee Entries: Capital Lease On January 1, 2015, Southern, Inc. signed a 10-year non-cancelable lease for a machine. The terms of the lease called for Southern to make annual payments of $17,336 at the beginning of each year, starting January 1, 2015. The machine has an estimated useful life of 12 years. The machine reverts back to the lessor at the end of the lease term. Southern uses the straightline method of depreciation for all of its plant assets. Southern's incremental borrowing rate is 6%, and the Lessor's implicit rate is unknown. 1 Part 4: Lessee-Lessor Entries: Sales-Type Lease On January 1, 2015, Capital Corp. leased equipment to Hinton Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 12 years, with no renewal option. The equipment reverts to the lessor at the termination of the lease. 2. Equal rental payments are due on January 1 of each year, beginning in 2015. 3. The fair value of the equipment on January 1, 2015, is $225,000, and its cost is $180,000. 4. The equipment has an economic life of 16 years. Hinton depreciates all of its equipment on a straight-line basis. 5. Capital set the annual rental to ensure an 11% rate of return. Hinton's incremental borrowing rate is 12%, and the implicit rate of the lessor is unknown. 6. Collectability of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by the lessor. 2 Assessment 5 Template Part 1: Temporary Differences Date Account Title Debit Credit 1 Assessment 5 Template Explanation: Part 2: Carryback and Carryforward Date Account Title Debit Credit 2 Assessment 5 Template Part 3: Lessee Entries: Capital Lease Date Account Title Debit Credit 3 Assessment 5 Template Explanation: 4 Assessment 5 Template Part 4: Lessee-Lessor Entries: Sales-Type Lease Date Account Title Debit Credit 5 Assessment 5 Template Explanation: 6