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P 1 8 . 1 5 On December 3 1 , 2 0 2 2 , Haley Inc. has taxable temporary differences of $ 2
P On December Haley Inc. has taxable temporary differences of $ million and a deferred tax liability of $ These temporary differences are due to Haley having clair end of December Haley's substantively enacted tax rate for and future years was changed to
For the year ended December Haley's accounting loss before tax was $ The following data are also available:
Pension expense was $ while pension plan contributions were $ for the year. Only actual pension contributions are deductible for tax.
Business meals and entertainment were $They are onehalf deductible for tax purposes.
For the three years ended December Haley had cumulative, total taxable income of $ and total income current tax expenseincome tax payable of $
During the company booked estimated warranty costs of $ and these costs are not likely to be incurred until
In the company incurred $ of development costs only of which are deductible for tax purposes
Company management has determined that it is probable that only one half of any loss carryforward at the end of will be realized.
In the amount claimed for depreciation was equal to the amount claimed for CCA.
Instructions
Prepare the journal entries to record income taxes for the year ended December and the income tax reconciliation note. Round tax rates to one decimal place.
P Under the temporary difference approach, the tax rates used for deferred tax calcuare those enacted at the balance sheet datehow the rer
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