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Please fill out the table Chapter 16 Homework x tpx The information that follows pertains to Esther Food Products: a. At December 31, 2016, temporary
Please fill out the table Chapter 16 Homework x tpx The information that follows pertains to Esther Food Products: a. At December 31, 2016, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses 38,000 14,000 (11,000) b. No temporary differences existed at the beginning of 2016 c. Pretax accounting income was $53,000 and taxable income was $12,000 for the year ended December 31, 2016 d, The tax rate is 35%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Negative amounts should be entered with a minus sign.) x Tax RateTax $ Recorded as: Pretax accounting income Permanent differences S53,000 epreciation (41,000 Income subject to taxation 35%-|$ 4,200 12,000x Temporary Differences Interest on municipal bonds Interest on municipal bonds Warranties Income taxable in current year 52,000x 0 Deferred tax asset Deferred tax liability ncome tax expense 64.000] xl 35%Els s 22.400 Deferred tax asset isplay P19
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