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Problem 14-30 (LO. 1, 3, 4) Willingham, Inc., an accrual basis C corporation, reports pretax book income of $1,600,000. At the beginning of the year,
Problem 14-30 (LO. 1, 3, 4) Willingham, Inc., an accrual basis C corporation, reports pretax book income of $1,600,000. At the beginning of the year, Wilingham reported no deferred tax assets or liabilities on its balance sheet. At the end of the year, Willingham's depreciable assets had a net book value of $15,000,000. It is subject to a 21% U.S. income tax rate in the current year and for the foreseeable future. Willingham's book-tax differences include the following Wilingham's current income tax expense is \{ and deferred income tax expense is : Prepare the GAAP journal entries for Willingham's income tax expense, Willingham reported no deferred tax assets or liabilities on its balance sheet. At the end of the year, Willingham's depreciable assets had a net book value of $15,000,000. It is subject to a 21% U.S. Income tax rate in the current year and for the foreseeable future. Wilingham's book-tax differences include the following. Wilingham's current income tax expense is $ and deferred income tax expense is 1 Prepare the GAAP journal entries for Willingham's income tox expense
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