Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: $ Pretax accounting income Permanent differences 180,200 (14,000) 166,200

image text in transcribedimage text in transcribed

Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: $ Pretax accounting income Permanent differences 180,200 (14,000) 166,200 (10,900) 155,300 Temporary difference-depreciation Taxable income $ Cumulative future taxable amounts all from depreciation temporary differences: $ As of December 31, 2020 As of December 31, 2021 11,700 22,600 $ The enacted tax rate was 25% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021? A) $41,550. B) $45,050. C) $38,825. D) None of these answer choices are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting the basis for business decisions

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

16th edition

0077664078, 978-0077664077, 78111048, 978-0078111044

More Books

Students also viewed these Accounting questions

Question

The operating cycle for a company is one year. Do you agree? Why?

Answered: 1 week ago