The Main Company reported financial income before taxes of $4,000,000.Consider the following additional information:

Depreciation Method used for financial accounting = straightline (total amount for current year was $150,000.Method used for IRS was resulted in $200,000 deduction.

Municipal bond interest earned during the current year was $80,000.

Income tax carryforward benefit from previous year NOL equals $50,000

Warranty expense for financial statement was $120,000 of which 1/3 was actually paid during the current year.

The company was assessed a late filing penalty for filing last year's taxes late.The amount was $10,000.

Make the entry for the current year's taxes.You MUST show all calculations.Make only one compound entry and it must be in good form.The Main Company reported financial income before taxes of $4,000,000.Consider the following additional information:

Depreciation Method used for financial accounting = straightline (total amount for current year was $150,000.Method used for IRS was resulted in $200,000 deduction.

Municipal bond interest earned during the current year was $80,000.

Income tax carryforward benefit from previous year NOL equals $50,000

Warranty expense for financial statement was $120,000 of which 1/3 was actually paid during the current year.

The company was assessed a late filing penalty for filing last year's taxes late.The amount was $10,000.

Make the entry for the current year's taxes.You MUST show all calculations.Make only one compound entry and it must be in good form.