Question
the accounting records of shinault Incorporated. Show the following data for 2014. 1. life insurance expense on officers was $9,000. 2. equipment was acquired in
the accounting records of shinault Incorporated. Show the following data for 2014. 1. life insurance expense on officers was $9,000. 2. equipment was acquired in early January for $300,000. Straight-line depreciation over a five-year life is used, with no salvage value. For tax purposes, Chenault used a 30% rate to calculate depreciation. 3. interest revenue on state of New York bonds totaled $4,000. 4. product warranties were estimated to be $50,000 in 2014. Actual repair and labor costs related to the warranties in 2014 were $10,000. The remainder is estimated to be paid evenly in 2015 and 2016. 5. gross profit on an accrual basis was $100,000. For tax purposes, $75,000 was recorded on the installment sales method. 6. fines incurred for pollution violations were 4200. 7. pre-tax Financial income was $750,000. The tax rate is 30%. (b) prepare the journal entry for 2014 to record income taxes payable, income tax expense, and deferred income taxes. There are four entries
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