Sun 8:54 PM Brandy Fry Q v2.cengagenow.com CengageNOWv2 | Online teaching and leaming resource from Cengage Learning eBook | Calculator Valuation Account Chart of Accounts Amount Descriptlons Instructions At the end of 2019, its first year of operations, Beattie Company reported taxable income of $38,000 and pretax financlal income of $34,400. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For financial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2019, and no change in the tax rate has been enacted for future years. Based on verifiable evidence, the company decides it should establish a valuation allowance of 60% of its ending deferred tax asset. Required: 1. Prepare Beattie's income tax journal entry at the end of 2019. 2. Prepare the lower portion of Beattie's 2019 income statement. Check My Work All work saved. Email Instructor Save and Exit Submit Assignme MacBook Air F6 F7 F8 F9 F10 FI 6.

Sun 8:54 PM Brandy Fry Q v2.cengagenow.com CengageNOWv2 | Online teaching and leaming resource from Cengage Learning eBook | Calculator Valuation Account Chart of Accounts Amount Descriptlons Instructions At the end of 2019, its first year of operations, Beattie Company reported taxable income of $38,000 and pretax financlal income of $34,400. The difference is due to the way the company handles its warranty costs. For tax purposes, Beattie deducts the warranty costs as they are paid. For financial reporting purposes, Beattie provides for a year-end estimated warranty liability based on future expected costs. Beattie is subject to a 30% tax rate for 2019, and no change in the tax rate has been enacted for future years. Based on verifiable evidence, the company decides it should establish a valuation allowance of 60% of its ending deferred tax asset. Required: 1. Prepare Beattie's income tax journal entry at the end of 2019. 2. Prepare the lower portion of Beattie's 2019 income statement. Check My Work All work saved. Email Instructor Save and Exit Submit Assignme MacBook Air F6 F7 F8 F9 F10 FI 6.

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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