Please provide the detail steps for calculating income tax expense. and steps on the questions about income tax

On 1 December 2013. John and Patty Driver formed a corporation called Susquehanna Equipment Rentals The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts: PE Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment Notes Payable Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Share Capital Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense The corporation performs adjusting entries monthly. Closing entries are performed annually on 31 December. During December, the corporation entered into the following transactions: Dec. 1 Issued to John and Patty Driver 23,000 new shares in exchange for a total of $230,000 cash. Dec. 1 Purchased for $211,200 all of the equipment formerly owned by Rent-lt. Pald $139,000 cash and issued a one-year note payable for $72,200. The notes, plus all 12-months of accrued interest, are due 30 November 2013. Dec. 1 Paid $12,000 to Shapiro Realty as three months' advance rent on the rental yard and office formerly occupied by Rent-It. Dec. 4 Purchased office supplies on account from Modern Office Co., $1,000. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) Dec. 8 Received $8,900 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) Dec. 12 Pald salaries for the first two weeks in December, $4,300. Dec. 15 Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,900, of which $12,300 was received in cash. Dec. 17 Purchased on account from Earth Movers Limited, $1,000 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. Dec. 23 Collected $2,800 of the accounts receivable recorded on 15 December. Dec. 26 Rented a backhoe to Mission Landscaping at a price of $280 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Dec. 26 Paid biweekly salaries, $4,300. Dec. 27 Paid the account payable to Earth Movers Limited, $1,000. Dec. 28 Declared a dividend of 10 cents per share, payable on 15 January 2014. Dec. 29 Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $28,000 lawsuit filed on behalf of Kevin Davenport. Mission ackhoe in a fenced construction site owned by Collier Construction. After working hours on 26 December, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company's legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) Dec. 29 Purchased a 12-month public liability insurance policy for $9,120. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on 1 January 2014, and affords no coverage for the injuries sustained by Kevin Davenport on 26 December Dec. 31 Received a bill from Universal Utilities for the month of December, $690. Payment is due in 30 days. Dec. 31 Equipment rental fees earned during the second half of December amounted to $20,300, of which $16,000 was received in cash. Data for Adjusting Entries a. The advance payment of rent on 1 December covered a period of three months. b. The annual interest rate on the note pavable to Rent-It is 6 D c. The rental equipment is being depreciated by the straight-line method over a period of eight years. d. Office supplies on hand at 31 December are estimated at $680. e. During December, the company earned $4,300 of the rental fees paid in advance by McNamer Construction Co.on 8 December. f. As of 31 December, six days' rent on the backhoe rented to Mission Landscaping on 26 December has been earned. g. Salaries earned by employees since the last payroll date (26 December) amounted to $1,700 at month- end. h. It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in 2014. Joum the December transactions. Do not record adjusting at this point in cases where no entry is required, please select the option No jumalatry required for your answer to grade correctly Leave no cells blank - be certain to enter wherever required. Omit the sign in your son ) General Journal De Doc 230000 230000 211200 139.000 12000 12000 Sie succes 300 15 Das controle 12300 6800 13200 1000 Accounts payable Accounts 26 o jumalay required Noordered 27 course 1000 22000 29 jumalterid Accounts 16.000 Prepare the necessary adjusting entries for December. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) General Journal Debit Credit Date Dec. 31 Rent expense 4000 Prepaid rent 4000 31 Interest expense 361 Interest payable 361 31 Depreciation expense 2200 Accumulated depreciation: Rental equip. 2200 31 Office supplies expense 320 Office supplies 320 31 Unearned rental fees 4300 Rental fees earned 4300 31 Accounts receivable 1680 Rental fees earned 1680 31 Salaries expense 1700 Salaries payable 1700 > 31 (Click to select) (Click to select) Prepare closing entries and post to ledger accounts. (Do not round intermediate calculations. Omit the "$" sign in your response.) General Journal Debit Credit Date Dec. 31 (Click to select) (Click to select) 31 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 31 (Click to select) (Click to select) 31 (Click to select) (Click to select) 2. 25.00 points Post the entries into the following ledger accounts. (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) GENERAL LEDGER Cash Date Dobit II Accounts Receivable Debit llll ul Prepaid Rent Credit Debit Balance Date Dec. 1 31 Unexpired Insurance Credit Debit Date Dec 29 Office Supplies Dale Debit 31 Rental Equipment Debit Balance Date Dec. 1 Accumulated Depreciation: Rental Equipment Debit Date Dec. 31 Balance Notes Payable Credit Debit Date Dec 1 Accounts Payable Date Debit Credit Balance Dec 4 Interest Payable Debit Date Dec. 31 Salaries Payable Debit Balance Date Dec. 31 Dividends Payable Date Debit Dec. 28 Unearned Rental Fees Debit Credit Balance Date Dec. 8 Income Taxes Payable Debit Balance Date Dec. 31 Share Capital Credit Date Dec 1 Retained Earnings Date Dec. 31 Dividends Credit 31 Income Summary Credit Date Dec. 31 Rental Fees Earned Salaries Expense Debit Balance Date Dec. 12 Debit Maintenance Expense Credit Date Dec 17 Utilities Expense Credit Balance Date Dec. 31 Rent Expense Credit Balance Date Dec. 31 31 Office Supplies Expense Date Credit Balance Dec. 31 31 Depreciation Expense Credit Balance Date Dec. 31 31 Interest Expense Credit Balance Dec. 31 31 Income Taxes Expense Credit Balance Date Dec. 31 31 3. value: 10.00 points Prepare an income statement for the year ended December 31. (Input all amounts as positive values. Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31, 2013 Revenue: (Click to select) Expenses (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) ODOC (Click to select) value: 5.00 points Prepare a statement of changes in equity for the year ended December 31. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) SUSQUEHANNA EQUIPMENT RENTALS Statement of Changes in Equity For the Year Ended December 31, 2013 Retained earnings, December 1, 2013 (Click to select) Subtotal (Click to select) Retained earnings, December 31, 2013 5. 10.00 points Prepare a statement of financial position in report form) as at December 31. (Input all amounts as positive values. Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) SUSQUEHANNA EQUIPMENT RENTALS Statement of financial position December 31, 2013 Assets (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) W UU Total Assets Liabilities & Equity Liabilities: (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) DADADAD (Click to select) Total Liabilities Shareholders' equity: (Click to select) (Click to select) Total Shareholders' Equity Total Liabilities and Shareholders' Equity 6. 5.00 points Prepare an after-closing trial balance as of December 31. (The items in the Trial Balance should be grouped as follows: Assets (in order of their liquidity), Liabilities in order of their liquidity) and Equity. Omit the "$" sign in your response.) SUSQUEHANNA EQUIPMENT RENTALS After-Closing Trial Balance December 31, 2013 Debit Credit will (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Totals 1. value: 25.00 points Stephen Corporation recently hired Tom Waters as its new bookkeeper. Waters is very inexperienced and has made seven recording errors during the last accounting period. The nature of each error is described in the following table. Instructions Indicate the effect of the following errors on each of the financial statement elements described in the column headings in the table. Use the following symbols: O = overstated, U = understated, and NE = no effect Error Total Revenue (Click to select) Total Expenses (Click to select) Profit (Click to select) Total Equity Total Assets (Click to select) Total Liabilities (Click to select) (Click to select) a. Recorded a declared but unpaid dividend by debiting dividends and crediting cash. Recorded a receipt of an account receivable as a debit to cash and a credit to fees earned c. Recorded depreciation expense twice. d. Recorded the sale of new shares as a debit to cash and a credit to revenue. e. Purchased equipment and debited supplies expense and credited cash. f. Failed to record expired portion of prepaid advertising. g. Failed to record accrued and unpaid interest expense. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)