Lyons Company deducts insurance expense of $105,000 for tax purposes in 2012, but the expense is not yet recognized for accounting purposes. In 2013, 2014, and 2015, no insurance expense will be deducted for tax purposes, but $35,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 40% and income taxes payable of $90,000 at the end of 2012. There were no deferred taxes at the beginning of 2012.

Amortization of prior service cost using years-of-service method On January 1, 2017, Solano Incorporated amended its pension plan which caused an increase of $7,200,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined-benefit pension plan. The personnel department provided the following information regarding expected employee retirements: Expected Retirements Number of Employees On December 31 40 2017 120 2018 60 2019 160 2020 20 2021 400 The company plans to use the years-of-service method in calculating the amortization of prior service cost as a component of pension expense. Instructions Prepare a schedule which shows the amount of annual prior service cost amortization that the company will recognize as a component of pension expense from 2017 through 2021. Just email me your answers Answers 2017 2018 2019 2020 2021Use the following information for questions 1 through 3. Lyons Company deducts insurance expense of $105,000 for tax purposes in 2012, but the expense is not yet recognized for accounting purposes. In 2013, 2014, and 2015, no insurance expense will be deducted for tax purposes, but $35,000 of insurance expense will be reported for accounting purposes in each of these years. Lyons Company has a tax rate of 40% and income taxes payable of $90,000 at the end of 2012. There were no deferred taxes at the beginning of 2012. 1. What is the amount of the deferred tax liability at the end of 2012? 2. What is the amount of income tax expense for 2012? Temporay Difference Tempura-v Duferenoe Taxable Income Income Tax Payable 3. Assuming that income tax payable for 2013 is $120,000, the income tax expense for 2013 would be what amount? Temporay Difference - Just email me your answers II_ H_ n Temporav Drrrerenoe Taxable Income Income Tax Payable