Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Saved Help The information that follows pertains to Julia Company: Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return,
Saved Help The information that follows pertains to Julia Company: Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation Prepaid expense $51,000 $ 7,100 Expenses reported in the income statement, but not deducted in the tax return; Warranty expense $8,100 (6.) No temporary differences existed at the beginning of 2021 (c.) Pretax accounting income was $57100 and taxable income was $7,100 for 2021. (d.) There were no permanent differences. (e.) The tax rate is 35% Required: Prepare the journal entry to record the tax provision for 2021 (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the income taxes. (6.) No temporary differences existed at the beginning of 2021. (c.) Pretax accounting income was $57,100 and taxable income was $7100 for 2021. (d.) There were no permanent differences (e.) The tax rate is 35% Required: Prepare the journal entry to record the tax provision for 2021 (If no entry is required for a transaction/event, se required in the first account field.) View transaction list Journal entry worksheet Record the income taxes General Journal Debit Credit MacBook Pro 8 3 4 5 6 7 8
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started