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Permtemp Corporation (EIN: XX-1234567) formed in 2018 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax
Permtemp Corporation (EIN: XX-1234567) formed in 2018 and, for that year, reported the following book income statement and balance sheet, excluding the federal income tax expense, deferred tax assets, and deferred tax liabilities: Required for 2018: a. Prepare page 1 of the 2018 Form 1120, computing the corporation's NOL. b. Determine the corporation's deferred tax asset and deferred tax liability situation, and then complete the income statement and balance sheet to reflect proper GAAP accounting under ASC 740. Use the balance sheet information to prepare Schedule L of the 2018 Form 1120. c. Prepare the 2018 Schedule M-3 for Form 1120. d. Prepare a schedule that reconciles the corporation's effective tax rate to the statutory 21% tax rate
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