Question
Microsoft Corporation has taxable income of $75,000,000 and pretax accounting income of $100,000,000. The tax rate is 20%. Prepare the journal entry to record income
Microsoft Corporation has taxable income of $75,000,000 and pretax accounting income of $100,000,000. The tax rate is 20%. Prepare the journal entry to record income tax expense and the related deferred tax asset or liability.
Calculation | Amount |
Taxable Income | $75,000,000 |
Pretax Accounting Income | $100,000,000 |
Tax Rate | 20% |
Income Tax Expense | |
Deferred Tax Asset/Liability |
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
978-0471737933
