Computa taxable income for 2019. Taable incoma eTextbook and Medla List of Accounts Precara the journal antry to record incomstaroperss, deferad income tavas, and incoms tavas payable for 2019. (Credit occount titles are automatically indented when amount is entered. Do net indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information is available for Pina Corporation for 2019 (its first year of operations).
1.
Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years
2020-2023.
2.
Deferral, for book purposes, of $20,800 of rentrecsived in advance. The rent will be recognized in 2020.
3.
Pretax financial income, $284,000.
4.
Tax rate for all yaars, 20%.
Computa taxable income for 2019.
Taxable incoma
eTextbook and Medla
List of Accounts
Prepare the journal antry to record income taxepense, daferred income taxes, and income taxas payable for 2019. (Credit
occount 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 amcunts)
Account Titles and Explanation
Debit
Credit
eTextbook and Medla
List of Accounts
Prepare the journal antry to record income tax oxpense, deferred income taxes, and income taxas payable for 2020, assuming
taxable income of $330,800. (Credit account titles are automatically indented when amount is entered. Do not indent manuaily. If no
entry is required, seiect "No Entry" for the account titles and enter O for the amounts)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:The following information is available for Pina Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years 2020-2023. 2. Deferral, for book purposes, of $20,800 of rentrecsived in advance. The rent will be recognized in 2020. 3. Pretax financial income, $284,000. 4. Tax rate for all yaars, 20%. Computa taxable income for 2019. Taxable incoma eTextbook and Medla List of Accounts Prepare the journal antry to record income taxepense, daferred income taxes, and income taxas payable for 2019. (Credit occount 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 amcunts) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Prepare the journal antry to record income tax oxpense, deferred income taxes, and income taxas payable for 2020, assuming taxable income of $330,800. (Credit account titles are automatically indented when amount is entered. Do not indent manuaily. If no entry is required, seiect "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit
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