Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Show math. 28) The information that follows pertains to Julia Company: (a.) Temporary differences for the year 2021 are summarized below. Expenses deducted in the
Show math.
28) The information that follows pertains to Julia Company: (a.) Temporary differences for the year 2021 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation $60,000 Prepaid expense 8,000 Expenses reported in the income statement, but not deducted in the tax return: Warranty expense 9,000 (b.) (c.) (d.) (e.) No temporary differences existed at the beginning of 2021. Pretax accounting income was $67,000 and taxable income was $8,000 for 2021. There were no permanent differences. The tax rate is 25%. Required: Prepare the journal entry to record the tax provision for 2021. Provide supporting computationsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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