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The following information is available for Wenger Corporation for 2013. 1. Excess of tax depreciation over book depreciation, $44,000. This $44,000 difference will reverse equally
The following information is available for Wenger Corporation for 2013.
1. | Excess of tax depreciation over book depreciation, $44,000. This $44,000 difference will reverse equally over the years 20142017. | |
2. | Deferral, for book purposes, of $29,100 of rent received in advance. The rent will be earned in 2014. | |
3. | Pretax financial income, $353,400. | |
| Tax rate for all years, 30%. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014, assuming taxable income of $333,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) |
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