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Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $297,100. (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 Income Tax Payable Debit Credit The following information is available for Oriole Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 30%. (a) Your answer is correct. Compute taxable income for 2024. (b) Taxable income $ eTextbook and Media Solution List of Accounts Your answer is correct. 283200 Assistance Used Attempts: unlimited 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 Deferred Tax Liability Income Tax Payable eTextbook and Media List of Accounts Debit 91020 5940 Credit 12000 84960 Attempts: unlimited

Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $297,100. (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 Income Tax Payable Debit Credit The following information is available for Oriole Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 30%. (a) Your answer is correct. Compute taxable income for 2024. (b) Taxable income $ eTextbook and Media Solution List of Accounts Your answer is correct. 283200 Assistance Used Attempts: unlimited 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 Deferred Tax Liability Income Tax Payable eTextbook and Media List of Accounts Debit 91020 5940 Credit 12000 84960 Attempts: unlimited

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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Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $297,100. (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 Income Tax Payable Debit Credit
Transcribed Image Text:Your answer is partially correct. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $297,100. (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 Income Tax Payable Debit Credit
The following information is available for Oriole Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 30%. (a) Your answer is correct. Compute taxable income for 2024. (b) Taxable income $ eTextbook and Media Solution List of Accounts Your answer is correct. 283200 Assistance Used Attempts: unlimited 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 Deferred Tax Liability Income Tax Payable eTextbook and Media List of Accounts Debit 91020 5940 Credit 12000 84960 Attempts: unlimited
Transcribed Image Text:The following information is available for Oriole Corporation for 2024 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2025-2028. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2025. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 30%. (a) Your answer is correct. Compute taxable income for 2024. (b) Taxable income $ eTextbook and Media Solution List of Accounts Your answer is correct. 283200 Assistance Used Attempts: unlimited 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 Deferred Tax Liability Income Tax Payable eTextbook and Media List of Accounts Debit 91020 5940 Credit 12000 84960 Attempts: unlimited
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