The following information is available for Flounder Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,000. This $41,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $18,100 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $300,200. 4. Tax rate for all years, 20%. (a) Your answer is correct. Compute taxable income for 2024. (b) (c) Taxable income $ eTextbook and Media List of Accounts Your answer is correct. 277300 Attempts: 1 of 3 used Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability eTextbook and Media List of Accounts Debit 60040 3620 Credit 55460 8200 Attempts: 1 of 3 used Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $310,400. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
The following information is available for Flounder Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $41,000. This $41,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $18,100 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $300,200. 4. Tax rate for all years, 20%. (a) Your answer is correct. Compute taxable income for 2024. (b) (c) Taxable income $ eTextbook and Media List of Accounts Your answer is correct. 277300 Attempts: 1 of 3 used Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability eTextbook and Media List of Accounts Debit 60040 3620 Credit 55460 8200 Attempts: 1 of 3 used Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $310,400. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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Transcribed Image Text:The following information is available for Flounder Corporation for 2024 (its first year of operations).
1.
Excess of tax depreciation over book depreciation, $41,000. This $41,000 difference will reverse equally over the years
2025-2028.
2.
Deferral, for book purposes, of $18,100 of rent received in advance. The rent will be recognized in 2025.
3.
Pretax financial income, $300,200.
4.
Tax rate for all years, 20%.
(a)
Your answer is correct.
Compute taxable income for 2024.
(b)
(c)
Taxable income $
eTextbook and Media
List of Accounts
Your answer is correct.
277300
Attempts: 1 of 3 used
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. (List all debit
entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Income Tax Expense
Deferred Tax Asset
Income Tax Payable
Deferred Tax Liability
eTextbook and Media
List of Accounts
Debit
60040
3620
Credit
55460
8200
Attempts: 1 of 3 used
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming
taxable income of $310,400. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
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