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Prepsre the bottom portion of 5 hamrock's 2021 income statement, befinting with Income from continuing operations before income tasec' Ef nter negolive amounts uking either
Prepsre the bottom portion of 5 hamrock's 2021 income statement, befinting with "Income from continuing operations before income tasec' Ef nter negolive amounts uking either a negative pign preceding the number es. 45 or odrentheres es. (451i) The following information has been obtained for Shamrock Corporation. 1. Prior to 2020 , taxable income and pretax financial income were identical. 2. Pretax financial income is $1,767,000 in 2020 and $1,276,000 in 2021. 3. On January 1, 2020, equipment costing $1,188.000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tak purposes and over 8 years for financial reporting purposes. (Hint: Use the half-year corvention for tak purposes, as discussed in Appendix 11A.) 4. Interest of $64,000 was earned on tax-exempt unicipal obligations in 2021. 5. Included in 2021 pretax financial income is a gain on discontinued operations of $211,000, which is fully taxable. 6. The tax rate is 20% for all periods. 7. Taxable income is expected in all future years. Prepare the journal entry to record 2021 income tax expense,income taxes payable, and deferred taxns iCredif account tifies: are automatically indented when amount is entered. Do not indent manually. If no entry. is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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