Question
the accounting records of shinault Incorporated. Show the following data for 2014. 1, life insurance expense on officers was $9,400 2. equipment was acquired in
the accounting records of shinault Incorporated. Show the following data for 2014. 1, life insurance expense on officers was $9,400 2. equipment was acquired in early January for $323,700. 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 $5,900. 4. product warranties were estimated to be $50,600 in2014. Actual repair and labor costs related to the warranties and 2014 were $12,300. The remainder is estimated to be paid evenly in 2015 and 2016. 5. gross profit on an accrual basis was $111,200. For tax purposes $77,200 was recorded on the installment sales 6. fines incurred for pollution violations were $6,400. 7. pre-tax Financial income was $839,200. The tax rate is 40%. (a) prepare a schedule starting with pre-tax Financial income in 2014 and ending with taxable income in 2014. pre-tax Financial income$________ permanent differences there are three entries , temporary differences there are three entries taxable income$___________
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