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At the end of 2024, Crane Company has $176,700 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2025 $59,200 2026 47,900 2027 39,700 2028 29,900 $176,700 Tax rates enacted as of the beginning of 2023 are: 2023 and 2024 40% 2025 and 2026 30% 2027 and later 25% Crane's taxable income for 2024 is $327,900. Taxable income is expected in all future years. (a) Prepare the journal entry for Crane to record income taxes payable, deferred income taxes, and income tax expense for 2024, assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and

At the end of 2024, Crane Company has $176,700 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2025 $59,200 2026 47,900 2027 39,700 2028 29,900 $176,700 Tax rates enacted as of the beginning of 2023 are: 2023 and 2024 40% 2025 and 2026 30% 2027 and later 25% Crane's taxable income for 2024 is $327,900. Taxable income is expected in all future years. (a) Prepare the journal entry for Crane to record income taxes payable, deferred income taxes, and income tax expense for 2024, assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of 2024, Crane Company has $176,700 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2025 $59,200 2026 47,900 2027 39,700 2028 29,900 $176,700 Tax rates enacted as of the beginning of 2023 are: 2023 and 2024 40% 2025 and 2026 30% 2027 and later 25% Crane's taxable income for 2024 is $327,900. Taxable income is expected in all future years. (a) Prepare the journal entry for Crane to record income taxes payable, deferred income taxes, and income tax expense for 2024, assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
Transcribed Image Text:At the end of 2024, Crane Company has $176,700 of cumulative temporary differences that will result in reporting the following future taxable amounts. 2025 $59,200 2026 47,900 2027 39,700 2028 29,900 $176,700 Tax rates enacted as of the beginning of 2023 are: 2023 and 2024 40% 2025 and 2026 30% 2027 and later 25% Crane's taxable income for 2024 is $327,900. Taxable income is expected in all future years. (a) Prepare the journal entry for Crane to record income taxes payable, deferred income taxes, and income tax expense for 2024, assuming that there were no deferred taxes at the end of 2023. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
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