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- At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the deferred tax asset is $59,000. The corporation’s 2018 current tax expense is $61,000. What amount should Percheron report as total 2018 income tax expense?Vaughn Company reported the following pretax financial income (loss) for the years 2018-2022. 2018 $259,200 378,000 129,600 (615,600 ) 194,400 2019 2020 2021 2022 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020-2022. Assume the carryback provision is used first for net operating losses.At December 31, 2017, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31, 2018, the deferred tax liability is $42,000. The corporation’s 2018 current tax expense is $48,000. What amount should Appaloosa report as total 2018 income tax expense?
- Metlock Company reported the following pretax financial income (loss) for the years 2018-2022. 2018 $235,200 2019 343,000 2020 117,600 2021 (558,600) 2022 176,400 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020-2022. Assume the carryback provision is used first for net operating losses. SUPPOLindemax Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.) The tax rates listed were all enacted by the beginning of 2018. Instructions a) Prepare the journal entries for the years 2018-2021 to record income tax expense (benefit) and income tax payable (refundable) and the tax effects of the loss carryback and carryforward, assuming that the end of 2020 it is probable that the benefits of the loss carryforward will be realized in the future.Carla reported the following pretax financial income (loss) for the years 2015-2019. 2015 $235,000 2016 343,000 2017 98,000 2018 (511,000) 2019 176,000 ) Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2015 and 2016, and 40% for 2017-2019. Assume the carryback provision is used first for net operating losses A.) Prepare the journal entries for the years 2017-2019 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-fifth of the benefits of the loss carryforward will not be realized. B.) Prepare the income tax section of the 2018 income statement beginning with the line "Income (loss) before income taxes."
- ABC Corporation computed a pretax financial income of $6,000,000 for the year ended December 31, 2019. In preparing the tax return, the following differences are noted between financial income and taxable income: Nontaxable revenue, $600,000; Nondeductible expense, $200,000 Provision for a warranty that was recognized as an expense in 2019 but deductible for tax when paid $300,000; Excess tax depreciation over financial depreciation; $250,000 Excess of financial revenue over tax revenue, $200,000. What is the total tax expense assuming the tax rate for 2019 is 32% and 2020 is 30%? Option A: $1,699,000 Option B: $1,789,000Option C: $1,744,000Option D: $1,792,000Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income(Loss) Tax Rate 2018 $120,000 17 % 2019 90,000 17 % 2020 (280,000) 19 % 2021 300,000 19 % The tax rates listed were all enacted by the beginning of 2018. Assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carryforward will not be realized, prepare the income tax section of the 2020 income statement, beginning with the line “Operating loss before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Pretax financial statement income for the year ended December 31, 2021, was $25 million for Scott Pen Company. Scott's taxable income was $30 million. This was a result of differences between depreciation for financial reporting purposes and tax purposes. The enacted tax rate is 30% for 2021 and 40 % thereafter. What amount should Scott report as the current portion of income tax expense for 2021?
- At December 31, 2018 AP Corporation had a deferred tax liability of P250, 000. At December 31, 2019, the deferred tax liability is P420, 000. The corporation’s 2019 current tax expense is P480, 000. What amount should AP report as total 2019 income tax expense?Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the minimum amount that it must submit for each estimated quarterly tax payment to avoid any penalty for underpayment?How much is the deferred tax to be recognized in year 2017? Answer is “deferred tax asset of $18 million”. Please explain the reasoning and calculations.