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. The records for Bosch Co show this data for 2020: Gross profit on installment sales recorded on the books was $420,000 Gross profit from
. The records for Bosch Co show this data for 2020: Gross profit on installment sales recorded on the books was $420,000 Gross profit from collections of installment receivables was $280.000 Life insurance on officers was $3,800. Machinery was acquired in January for $300.000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS (accelerated) depreciation is used mud Bosch may deduct 14% of the machinery basis (cost) for 2020 Interest received on tax exempt lowa State bonds was $9.000 The estimated warranty liability related to 2020 sales was $21.600. Repair costs under warranties during 2020 were $13,600. The remaining expenses will be incurred in 2021 Pretax financial income is $600.000. The tax rate is 30% . (a) (b) Prepare a schedule starting with pretax financial income and compute taxable income Prepare the journal entry to record income taxes, deferred income taxes and income taxes payable for 2020 Prepare the income tax expense section of the income statement for 2020 starting with "Pretax financial income (C)
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