Part 4:Provision for Taxes - Quarterly EntriesBass Corporation's actual earnings for the first two quarters of 2016 and its estimate duringeach quarter of its annual earnings are:Actual first-quarter earningsActual second-quarter earningsFirst-quarter estimate of annual earningsSecond-quarter estimate of annual earnings$ 200,000$ 255,000$ 675,000$ 710,000Bass estimated its differences between book (accounting) and taxable income for 2016 as:Environmental violation penaltiesDividend income exclusion$ 12,500$ 90,000Note: These estimates did not change during the second quarter.The combined tax rate for Bass for 2016 is 42%.Prepare the journal entries to record Bass' tax provision for each of the first two quartersof 2016. Show all work!

Provisions 1st Quarter - 675000*42% = 283500 2nd Quarter - 710000*42% = 298200 Reversal =…

Answered: Prepare the journal entries to record…

Business

Accounting

Prepare the journal entries to record Bass' tax provision for each of the first two quarters of 2016. Show all work!

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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