P 8-28 in-class exercise

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University of Wisconsin, River Falls *

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430

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Economics

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Jan 9, 2024

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docx

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2

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28. (10 minutes) (Determine income tax expense to be recognized in interim period) First Quarter Income before income tax in first quarter $ 1,000,000 Estimated annual income tax rate x 30% Income tax expense $ 300,000 Second Quarter Income before income tax in first quarter $ 1,000,000 Income before income tax in second quarter 1,200,000 Year-to-date income before income tax $ 2,200,000 Estimated annual income tax rate x 32% Year-to-date income tax expense $ 704,000 Income tax expense recognized in first quarter 300,000 Income tax expense recognized in second quarter $ 404,000
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