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PRACTICE REVIEW PROBLEM - DEFERRED INCOME TAXES F - For tax purposes, depreciation expense was $30,000 and actual bad debts written off were $6,000 - Tax Rate =30% INSTRUCTIONS: 1. What items above are: Permanent differences: Temporary differences: 2. For which differences is a deferred tax account needed? 3. Which difference above will give rise to a: Deferred tax asset: Deferred tax liability: 4. Compute Taxable Income and Current Income Taxes Payable. Start with Pre-Tax Accounting Income and adjust it accordingly. (Assume there were no estimated tax payments.) Pre-tax accounting income $100,000 Permanent Differences: Adjustments Adjusted Pre-Tax Accounting Income Temporary Differences: Adjustments Taxable Income Income Taxes Payable 5. Place the correct numbers in the following journal entry: DR: Income Tax Exp. - Current DR: Income Tax Exp. - Deferred DR: Deferred Tax Asset (DTA)