IMPORTANT: PLEASE SEE IMAGE, ANSWER PART B CORRECTLY AND ILL LIKE YOUR ANSWER. I attached part a for guidance THANK YOU! Bramble Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $816,000 $925,000 $930,000 Excess depreciation expense on
IMPORTANT: PLEASE SEE IMAGE, ANSWER PART B CORRECTLY AND ILL LIKE YOUR ANSWER. I attached part a for guidance THANK YOU! Bramble Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $816,000 $925,000 $930,000 Excess depreciation expense on
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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IMPORTANT: PLEASE SEE IMAGE, ANSWER PART B CORRECTLY AND ILL LIKE YOUR ANSWER. I attached part a for guidance THANK YOU!
Bramble Company has the following two temporary differences between its income tax expense and income taxes payable.
2020
|
2021
|
2022
|
|||||||
Pretax financial income |
$816,000
|
$925,000
|
$930,000
|
||||||
Excess |
(30,200
|
)
|
(40,900
|
)
|
(10,200
|
)
|
|||
Excess warranty expense in financial income |
20,800
|
9,700
|
8,000
|
||||||
Taxable income |
$806,600
|
$893,800
|
$927,800
|
The income tax rate for all years is 20%.

Transcribed Image Text:Account Titles and Explanation
Debit
Credit
2020
Income Tax Exхрense
163200
Deferred Tax Asset
4160
Income Tax Payable
161320
Deferred Tax Liability
6040
2021
Income Tax Expense
185000
Deferred Tax Asset
1940
Income Tax Payable
178760
Deferred Tax Liability
8180
2022
Income Tax Expense
186000
Deferred Tax Asset
1600
Income Tax Payable
185560
Deferred Tax Liability
2040

Transcribed Image Text:(Ь)
Indicate how deferred taxes will be reported on the 2022 balance sheet. Bramble's product warranty is for 12 months.
Bramble Company
Balance Sheet (Partial)
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