Please answer the 10 questions in the attached file. Fill in all the yellow box. Thank you very much!

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. At the end of the year, the deferred tax asset account had a balance of $21.6 million attributable to a cumulative temporary difference of $54 million in a liability for estimated expenses. Taxable income is $71.0 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the journal entry(s) to record income taxes assuming it is more likely than not that one-fourth of the deferred tax asset will not ultimately be realized. (If no entry is required for a particular event, select "No journal entry required" in the rst account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)} Answer is not complete _Inconnetaxexpense mm _ Deferred tax asset -:: _ '"wmetaxpavab'e _m WWW 16-2 x _ Valuation allowanceDeferred tax asset _ 16.2 x Alvis Corporation reports pretax accounting income of $540,000, but due to a single temporary difference, taxable income is only $355,000. At the beginning of the year, no temporary differences existed. Required: 1. Assume a tax rate of 40%, what will be Alvis's net income? Answer is complete but not entirely correct $ 341,750): 2. What will Alvis report in the balance sheet pertaining to income taxes? Answer is complete but not entirely carrect Deferred tax liability $ 74,000 Income tax payable $ 124.250x Answer is complete but not entirely correct -- -- n -- n n n Answer is complete and correct 1 Income tax expense J 38,000J Deferred tax asset J 2,400J Deferred tax liability J 32,000.] Income tax payable J 8.400J Wynn Sheet Metal reported an operating loss or $193,000 for nancial reporling and tax pLI'p-ooee h 2016. The enacted tax rate Is 40%. Taxable income, tax rates, mo I'loome taxes paid In wynn'e rst four years of operation were as folowe: Taxable Tax Income Tam Income Ram Paid 2012 $ 79,000 30% $ 23,700 2013 89,000 30 26,700 2014 99,000 40 30,800 I_2IZI1 5 79,000 45 35,550 Required: 1. Complete tl'lefollowing table given belowI mo prepare thejml entry to recognize the Income tax benet otthe operalhg loos. Mnn eleclalhe carryback opllort (If no entry I: required for a tremaconl'wenl, select 10 loumel entryI required\" In the rst account field. Enter your mm In thousands. Leave no call blank, enter '0" "hm applicable.) Amwer I: complete but not entirely correct Operetlng loos wheel: I Rate 56 I x 3 Recorded aa: Carrled beck- 2012 s UJI x 30%JI = s 0 Carrled beck- 2013 UJI x 30%JI e 0 Carded beck - 2014 00.000XI x 40%JI = 30,000 Carded beck - 2015 10.000x| x 45%J| = 35,550 Total oarryback I I 5 75,150 Receivable-Imam tax refund JI Operating Ices carry'l'omnl Carded mm 20,000XI x 40%JI = 5 0,000 Delen'ed tax aseet-endhg JI Answer to complete but not entirely correct Eirent General Journal Debit Credlt 1 Receivablemm tax ream J 75.150Xi Becca: tax asset J 0.000x Income tax benetNet operellng loss J I 03,150! 2. Stamina loner pol-lion 0fthe 2016 hoome statement that repornlhe Income tax benetotthe operang I053. LAmounn to be deducted should be Indicated Illlll'lh a mlnue algn. Enter your maht'holuande.) Answer la not com pletc Operalhg loss before Income taxes J $ 190000x Income tax benet: Tax refund from loss carryheclt J s 75,150x Fulure tax savings Irorn loss cafyfomard J a,000X_. _ 0'; 33,150 $ 281.150 Times-Roman Publishing Company reports the following amounts in its rst three years of operation: ($ in 0003) 2016 2017 2018 Pretax accounting income $200 $180 $170 Taxable income 220 190 180 The difference between pretax accounting income and taxable income is due to subscription revenue for one-year magazine subscriptions being reported for tax purposes in the year received. but reported in the income statement in later years when earned. The income tax rate is 40% each year. Times-Roman anticipates protable operations in the future. Required: 1. What is the balance sheet account for which a temporary difference is created by this situation? Uneamed subscription OEarned subscription 2. For each year, indicate the cumulative amount of the temporary difference at year-end. (Enter your answers in thousands.) Answer is complete but not entirely carrect $ 20.000)\" 30.ooox$ 80,000)( 3. Determine the balance in the related deferred tax account at the end of each year. Is it a deferred tax asset or a deferred tax liability? (Enter your answers in thousands.) Answer is complete but not entirely correct \\ 3,000): $ 12,000): $ 32,000): Deferred tax asset $