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Tax information and implications -$1,500 in meal and entertainment expenses show as a permanent difference for tax. Prepare the necessary adjusting entry. -The company uses

Tax information and implications
-$1,500 in meal and entertainment expenses show as a permanent difference for tax. Prepare the necessary adjusting entry.
-The company uses straight line depreciation for book and MACRS depreciation for the tax return
-MACRS depreciation was $209,301 higher than book. Prepare the adjusting entry for the deferred tax.
-There have been recent tax structure changes the could impact the company. Peyton Approved has been a C Corp since the beginning of these changes. Peyton provides for taxes at 25% of pretax income (20% Federal, 5% state).
Trial Balance Adjusting Entries Adjusted TB
DR CR DR CR DR CR
Marketable Securities 5,500,000.00 265,000.00 5,235,000.00
Unrealized Gain/Loss - 265,000.00 265,000.00
Income Taxes Currently Payable - ?
Income Taxes - ?

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