GinnyCo has pretax book and taxable income of $400,000 and reports a s100,000 income tax payable in the current year. GinnyCo has engaged in activities that it believes qualify for the research activities credit a general business tax credit of $40,000 that it cannot use this year, and its management believes that it is more likely than not that one-fourth of the credit carryforward will expire unused, a. Compute GinnyCo's income tax provision for the year, expressed as a Microsoft Excel formula. b. Construct the journal entry to report these items. JOURNAL DATE Description Post. Ref. Debit Credit Income tax payable Deferred tax asset

GinnyCo has pretax book and taxable income of $400,000 and reports a s100,000 income tax payable in the current year. GinnyCo has engaged in activities that it believes qualify for the research activities credit a general business tax credit of $40,000 that it cannot use this year, and its management believes that it is more likely than not that one-fourth of the credit carryforward will expire unused, a. Compute GinnyCo's income tax provision for the year, expressed as a Microsoft Excel formula. b. Construct the journal entry to report these items. JOURNAL DATE Description Post. Ref. Debit Credit Income tax payable Deferred tax asset

Name: Problem 3-44 (LO. 5)GinnyCo has pretax book and taxable income of $40
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Description: Problem 3-44 (LO. 5)GinnyCo has pretax book and taxable income of $400,000 and reports a s100,000 income tax payable in the current year. GinnyCo hasengaged in activities that it believes qualify for the research activities credit a general business

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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