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Oriole Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $59,400 in 2026, $64,200 in 2027, and $69,700 in 2028. Oriole's pretax financial income for 2025 is $316,600, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income $ Income taxes payable eTextbook and Media Solution 123300 49320 Pretax financial income for 2025 $316,600 Temporary difference resulting in future taxable amounts in 2026 (59,400) in 2027 (64,200) in 2028 (69,700) Taxable income for 2025 $123,300 Taxable income for 2025 $123,300 Enacted tax rate 40% Income taxes payable for 2025 $49,320 List of Accounts Assistance Used Attempts: unlimited Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (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 enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Liability Income Tax Payable eTextbook and Media Solution List of Accounts Debit 126640 Credit 77320 49320 Assistance Used Attempts: unlimited (c) Your answer is partially correct. Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLE CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 eTextbook and Media Solution $ Note: The current/deferred tax expense detail can be presented in the notes to the financial statements. List of Accounts Save for Later Assistance Used Attempts: unlimited Submit Answer

Oriole Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $59,400 in 2026, $64,200 in 2027, and $69,700 in 2028. Oriole's pretax financial income for 2025 is $316,600, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income $ Income taxes payable eTextbook and Media Solution 123300 49320 Pretax financial income for 2025 $316,600 Temporary difference resulting in future taxable amounts in 2026 (59,400) in 2027 (64,200) in 2028 (69,700) Taxable income for 2025 $123,300 Taxable income for 2025 $123,300 Enacted tax rate 40% Income taxes payable for 2025 $49,320 List of Accounts Assistance Used Attempts: unlimited Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (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 enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Liability Income Tax Payable eTextbook and Media Solution List of Accounts Debit 126640 Credit 77320 49320 Assistance Used Attempts: unlimited (c) Your answer is partially correct. Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLE CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 eTextbook and Media Solution $ Note: The current/deferred tax expense detail can be presented in the notes to the financial statements. List of Accounts Save for Later Assistance Used Attempts: unlimited Submit Answer

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 18E
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Oriole Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $59,400 in 2026, $64,200 in 2027, and $69,700 in 2028. Oriole's pretax financial income for 2025 is $316,600, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income $ Income taxes payable eTextbook and Media Solution 123300 49320 Pretax financial income for 2025 $316,600 Temporary difference resulting in future taxable amounts in 2026 (59,400) in 2027 (64,200) in 2028 (69,700) Taxable income for 2025 $123,300 Taxable income for 2025 $123,300 Enacted tax rate 40% Income taxes payable for 2025 $49,320 List of Accounts Assistance Used Attempts: unlimited Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (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 enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Liability Income Tax Payable eTextbook and Media Solution List of Accounts Debit 126640 Credit 77320 49320 Assistance Used Attempts: unlimited
Transcribed Image Text:Oriole Corporation has one temporary difference at the end of 2025 that will reverse and cause taxable amounts of $59,400 in 2026, $64,200 in 2027, and $69,700 in 2028. Oriole's pretax financial income for 2025 is $316,600, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income $ Income taxes payable eTextbook and Media Solution 123300 49320 Pretax financial income for 2025 $316,600 Temporary difference resulting in future taxable amounts in 2026 (59,400) in 2027 (64,200) in 2028 (69,700) Taxable income for 2025 $123,300 Taxable income for 2025 $123,300 Enacted tax rate 40% Income taxes payable for 2025 $49,320 List of Accounts Assistance Used Attempts: unlimited Your answer is correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025. (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 enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Liability Income Tax Payable eTextbook and Media Solution List of Accounts Debit 126640 Credit 77320 49320 Assistance Used Attempts: unlimited
(c) Your answer is partially correct. Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLE CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 eTextbook and Media Solution $ Note: The current/deferred tax expense detail can be presented in the notes to the financial statements. List of Accounts Save for Later Assistance Used Attempts: unlimited Submit Answer
Transcribed Image Text:(c) Your answer is partially correct. Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLE CORPORATION Income Statement (Partial) For the Year Ended December 31, 2025 eTextbook and Media Solution $ Note: The current/deferred tax expense detail can be presented in the notes to the financial statements. List of Accounts Save for Later Assistance Used Attempts: unlimited Submit Answer
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