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Spur Company's actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first-quarter earnings 5400,000 Actual seennd-quarter earnings 510.000 First-quarter estimate of animal earnings 1,350,000 Second-quarter estimate of annual earnings 1.420.000 Spur Company estimated its permanent differences between accounting income and tusable income for 201 Environmental violation penalties 8 25,000 Dividend income esclusion 180,000 These estimates did not change during the second quarter. The combined state and federal tax rate for Spur Company for 201042% Required: Prepare journal entries to record Spur Compams provisions for come taxes for each of the first two quarters of

Spur Company's actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first-quarter earnings 5400,000 Actual seennd-quarter earnings 510.000 First-quarter estimate of animal earnings 1,350,000 Second-quarter estimate of annual earnings 1.420.000 Spur Company estimated its permanent differences between accounting income and tusable income for 201 Environmental violation penalties 8 25,000 Dividend income esclusion 180,000 These estimates did not change during the second quarter. The combined state and federal tax rate for Spur Company for 201042% Required: Prepare journal entries to record Spur Compams provisions for come taxes for each of the first two quarters of

FINANCIAL ACCOUNTING
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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Spur Company's actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first-quarter earnings 5400,000 Actual seennd-quarter earnings 510.000 First-quarter estimate of animal earnings 1,350,000 Second-quarter estimate of annual earnings 1.420.000 Spur Company estimated its permanent differences between accounting income and tusable income for 201 Environmental violation penalties 8 25,000 Dividend income esclusion 180,000 These estimates did not change during the second quarter. The combined state and federal tax rate for Spur Company for 201042% Required: Prepare journal entries to record Spur Compams provisions for come taxes for each of the first two quarters of
Transcribed Image Text:Spur Company's actual earnings for the first two quarters of 2019 and its estimate during each quarter of its annual earnings are: Actual first-quarter earnings 5400,000 Actual seennd-quarter earnings 510.000 First-quarter estimate of animal earnings 1,350,000 Second-quarter estimate of annual earnings 1.420.000 Spur Company estimated its permanent differences between accounting income and tusable income for 201 Environmental violation penalties 8 25,000 Dividend income esclusion 180,000 These estimates did not change during the second quarter. The combined state and federal tax rate for Spur Company for 201042% Required: Prepare journal entries to record Spur Compams provisions for come taxes for each of the first two quarters of
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