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please answer asap thank you Accounting for Income Taxes The accounting records of Trask Incorporated show the following data for 2022. Trask uses the accrual
please answer asap thank you
Accounting for Income Taxes The accounting records of Trask Incorporated show the following data for 2022. Trask uses the accrual method of accounting for financial statements. 1. Life insurance expense on officers was $36,000. 2. Trask's CFO was killed in a plane crash. Trask received $500,000 proceeds from a life insurance policy carried on the CFO. 3. Trask uses the straight-line method to calculate depreciation for financial statements and the double-declining balance method to calculate depreciation for taxes. Double-declining balance depreciation for 2022 is $200,000. Straightline depreciation is 160,000 . 4. Interest revenue on State of New Jersey bonds totaled $15,000 5. Expenses incurred in obtaining State of New Jersey bond income were $1,000. 6. Product warranties were estimated to be $90,000 in 2022. Actual repair and labor costs related to the warranties in 2022 were $40,000. The remainder is estimated to be paid evenly over the next two years. 7. Fines incurred for pollution violations were $20,000 8. On December 1,2022 , Trask received $24,000 for two years rent from a tenant. 9. Pretax financial income was $1,800,000. The enacted tax rate is 20% for 2022 and 22% for all future years. Instructions: a. Compute taxable income and income taxes payable for 2022 . b. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2022Step by Step Solution
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