T Corporation begin business May 1, 2023 and elected to end its tax year December 31. The corporation'staxable income for the short period May 1, 2023 through December 31, 2023 was $60,000 and its Federalincome tax for the short period will be $12, 600.

Based on the information provided, T Corporation began its business operations on May 1, 2023, and…

Answered: T Corporation begin business May 1,…

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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At the end of 2019, Sentry Company reported a deferred tax liability of $9,724 based on an income tax rate of 26%. On January 2, 2020, Congress changed the income tax rate to 35%. Required: 1. Calculate the amount of the adjustment to Sentry’s 2019 year-end deferred tax liability. 2. Prepare the journal entry to correct Sentry’s deferred tax liability.
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T Corporation begin business May 1, 2023 and elected to end its tax year December 31. The corporation's taxable income for the short period May 1, 2023 through December 31, 2023 was $60,000 and its Federal income tax for the short period will be $12, 600.