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Support Recording Multiple Temporary Differences The records of Anderson Inc. provide the following formation for the tax year 2020 There was no beginning balance in
Support Recording Multiple Temporary Differences The records of Anderson Inc. provide the following formation for the tax year 2020 There was no beginning balance in deferred tax accounts Taxable income for 2020 was $180,000 Tax rates 25 Three temporary differences were identified Estimated litigation accrual of 560,900, not deductible for tax purposes Settlement not expected to take place until 2022. Excess of accelerated depreciation over GAAP depreciation af s26,000 caused a difference in the 150,000 GAAP basis and the 114.000 tax bonis of equipment, One-third of the difference will reverse in 2021 Unrealized holding gain an equity securities of 519,500 not ecognized for tax purposes. Anderson is intends to sell the security in early 2021. The imestment accounted for under PV- Ni is reported at its fair value of 30.000 at year end in its financial statements Required Record the Income at journal entry on December 31, 2020 Note Ust multiple debits (when applicable in alphabetical order and multiple credits when applable in alphabetical order . Note the journal entry includes an extra line that is not required, select "NIA as the account name and leave the brand Crawwers black drevo) in the way last row of the journalerey Dute Act Name Dec 3.2008 Deferred the Income Deferred by Income Tax Payable Record the income tax journal entry on December 31, 2021, assuming taxable income of 5375.000, . Note Ust multiple debits (when applicable in alphabetical order and is multiple credits when applicable in alphabetical order . Note the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr and Cr, answers blank tero) in the very last row of the journal entry Date Account Name Dec 3.202 Deferred to aby Income Tax Se Activate Windows Income To Payable = : C. NIA
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