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Tamarisk Inc. had pretax financial income of $166,600 in 2020. Included in the computation of that amount is insurance expense of $3,700 which is not
Tamarisk Inc. had pretax financial income of $166,600 in 2020. Included in the computation of that amount is insurance expense of $3,700 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $9,600. Prepare Tamarisks journal entry to record 2020 taxes, assuming a tax rate of 25%. (Credit account titles 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 O for the amounts.) Account Titles and Explanation Debit Credit
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