Tax Provision Case GP Corporation You have been assigned to compute the income tax provision for GP Corporation. The companys income statement for 2018 is as follows:

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I would be appreciate if your solution is in the EXCEL form!

Comprehensive problem.pdf ( 2 , #401) Goldfinch prepared the following schedule of temporary differences from the beginning of the year to the end of the year. Goldfinch Corporation Temporary Difference Scheduling Template Taxable Temp BOY Beginning Current Year Ending Differences Cumulative Deferred Change Cumulative Deferred T/D Tayes Taxes @ 34% T.D. Taxes @34% Non-Current Accumulated (3,000,000) (1,020,000) (500,000) (3,500,000) (1,190,000) Depreciation Deductible BOY Beginning Current Year Ending Temporary Cumulative Deferred Change Cumulative Deferred Differences T/D Taxes @ 34% T.D. Taxes @34% Current Allowance for 100,000 34,000 30,000 130,000 44,200 Bad Debts Accrued 150,000 51,000 50,000 200,000 68,000 Warranties Total Current 250,000 85,000 80,000 330,000 112,200 Non-current Charitable 300,000 102,000 80,000 380,000 129,200 Contributions Deferred 500,000 170,000 (100,000) 400,000 136,000 Compensation Total Non 800,000 272,000 (20,000) 780,000 265,200 Current Comprehensive problem.pdf ( 3 , # 4 ), Qem Required: 1. Compute the current income tax expense or benefit for Goldfinch assuming a 34% tax rate. 2. Compute Goldfinch's deferred income tax expense or benefit. Provide the full entry to record the tax provision for the year. 3. Prepare a reconciliation of Goldfinch's total income tax provision with its hypothetical income tax expense in both dollars and rates (compute the rate to the nearest hundredth of a percent (i.e. 35.62%). 4. Assume Goldfinch's tax rate for the current year decreased to 24%. Recompute Goldfinch's deferred income tax expense or benefit for 2017 using the template on the following page. 5. Goldfinch's tax director, Cardinal Grosbeak, believes the firm may actually be able to deduct the Meals and Entertainment Expense of $50,000 because the firm's manufacturing facility is far from any available restaurants. However, he is not confident that it is more likely than not the position would be sustained under audit. Assume the firm decides to tax this deduction on its tax return. Re- do the full journal entry for the tax position assuming the firm plans to take the deduction on its tax return. Comprehensive problem.pdf ( 41, # 4), Taxable Temp Differences Goldfinch Corporation Temporary Difference Scheduling Template BOY Beginning Current Year Cumulative Deferred Change Cumulative T/D Taxes @ 34% T.D. Ending Deferred Taxes @24% (3,000,000) (1,020,000) (500,000) (3,500,000) Current Year Cumulative T/D Beginning Deferred Taxes @ 34% Cumulative Ending Deferred Taxes @24% T.D. 100,000 34,000 30,000 130,000 Non-Current Accumulated Depreciation Deductible Temporary Differences Current Allowance for Bad Debts Accrued Warranties Total Current Non-current Charitable Contributions Deferred Compensation Total Non- Current 150,000 51,000 50,000 200,000 250,000 85,000 80,000 330,000 300,000 102,000 80,000 380,000 500,000 170,000 (100,000) 400,000 800,000 272,000 (20,000) 780,000 Comprehensive problem.pdf ( 2 , #401) Goldfinch prepared the following schedule of temporary differences from the beginning of the year to the end of the year. Goldfinch Corporation Temporary Difference Scheduling Template Taxable Temp BOY Beginning Current Year Ending Differences Cumulative Deferred Change Cumulative Deferred T/D Tayes Taxes @ 34% T.D. Taxes @34% Non-Current Accumulated (3,000,000) (1,020,000) (500,000) (3,500,000) (1,190,000) Depreciation Deductible BOY Beginning Current Year Ending Temporary Cumulative Deferred Change Cumulative Deferred Differences T/D Taxes @ 34% T.D. Taxes @34% Current Allowance for 100,000 34,000 30,000 130,000 44,200 Bad Debts Accrued 150,000 51,000 50,000 200,000 68,000 Warranties Total Current 250,000 85,000 80,000 330,000 112,200 Non-current Charitable 300,000 102,000 80,000 380,000 129,200 Contributions Deferred 500,000 170,000 (100,000) 400,000 136,000 Compensation Total Non 800,000 272,000 (20,000) 780,000 265,200 Current Comprehensive problem.pdf ( 3 , # 4 ), Qem Required: 1. Compute the current income tax expense or benefit for Goldfinch assuming a 34% tax rate. 2. Compute Goldfinch's deferred income tax expense or benefit. Provide the full entry to record the tax provision for the year. 3. Prepare a reconciliation of Goldfinch's total income tax provision with its hypothetical income tax expense in both dollars and rates (compute the rate to the nearest hundredth of a percent (i.e. 35.62%). 4. Assume Goldfinch's tax rate for the current year decreased to 24%. Recompute Goldfinch's deferred income tax expense or benefit for 2017 using the template on the following page. 5. Goldfinch's tax director, Cardinal Grosbeak, believes the firm may actually be able to deduct the Meals and Entertainment Expense of $50,000 because the firm's manufacturing facility is far from any available restaurants. However, he is not confident that it is more likely than not the position would be sustained under audit. Assume the firm decides to tax this deduction on its tax return. Re- do the full journal entry for the tax position assuming the firm plans to take the deduction on its tax return. Comprehensive problem.pdf ( 41, # 4), Taxable Temp Differences Goldfinch Corporation Temporary Difference Scheduling Template BOY Beginning Current Year Cumulative Deferred Change Cumulative T/D Taxes @ 34% T.D. Ending Deferred Taxes @24% (3,000,000) (1,020,000) (500,000) (3,500,000) Current Year Cumulative T/D Beginning Deferred Taxes @ 34% Cumulative Ending Deferred Taxes @24% T.D. 100,000 34,000 30,000 130,000 Non-Current Accumulated Depreciation Deductible Temporary Differences Current Allowance for Bad Debts Accrued Warranties Total Current Non-current Charitable Contributions Deferred Compensation Total Non- Current 150,000 51,000 50,000 200,000 250,000 85,000 80,000 330,000 300,000 102,000 80,000 380,000 500,000 170,000 (100,000) 400,000 800,000 272,000 (20,000) 780,000