Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,000 (15,000) 165,000 Temporary difference-depreciation (12,000) Taxable income $153,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $13,000 As of December 31, 2016 $25,000 The enacted tax rate was 30% for 2015 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2016? A) $45,900. B) $49,500. C) $54,000. D) None of these answer choices are correct.

Information for Kent Corp. for the year 2016: Reconciliation of pretax accounting income and taxable income: Pretax accounting income Permanent differences $180,000 (15,000) 165,000 Temporary difference-depreciation (12,000) Taxable income $153,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2015 $13,000 As of December 31, 2016 $25,000 The enacted tax rate was 30% for 2015 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2016? A) $45,900. B) $49,500. C) $54,000. D) None of these answer choices are correct.

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 12E: Temporary and Permanent Differences Lin has just completed its first year of operations and has a...

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Information for Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 174,000 Permanent differences (15,200 ) 158,800 Temporary difference-depreciation (12,900 ) Taxable income $ 145,900 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $ 12,700 As of December 31, 2021 $ 25,600 The enacted tax rate was 30% for 2020 and thereafter. What would Kent's income tax expense be in the year 2021?
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Information for Kent Corp. for the year 2021: Reconcillation of pretax accounting income and taxable income: Pretax accounting income $180,000 (15,000) 165,000 (12,000) Permanent differences Temporary difference-depreciation Taxable income $153,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $13,000 $25,000 As of December 31, 2021 The enacted tax rate vwas 25% for 2020 and thereafter. What should be the balance in Kent's deferred tax liability account as of December 31, 2021? Multiple Choice Prev 8 of 39 Next > Question no....pages ....pdf 7 Question no....pages MacBook Air
A reconciliation of Kent Corp.'s 2021 pretax accounting income and taxable income is below: Pretax accounting income $180,000 Permanent differences (15,000) Temporary difference: depreciation (12,000) Taxable income $153,000 Cumulative future taxable amounts, all from temporary differences in depreciation are below: As of December 31, 2020 As of December 31, 2021 $13,000 $25,000 The enacted tax rate is 25% for all years. What income tax expense should Kent report for 2021? Multiple Choice $41,250 $45,000 $38,250 $35,250
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