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Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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Transcribed Image Text:Fleetwood Corp's 12/31/20 financial statements contain the following information (in millions):
From 12/31/20 balance sheet:
1/1/20 DTL balance:
$175
12/31/20 DTL balance:
$180
1/1/20 DTA balance:
$145
12/31/20 DTA balance:
$135
The income statement indicates that Fleetwood's 2020 tax expense was $165, and the footnotes
indicates that enacted tax rate is 20%. Assume no other accounts or transactions affected Fleetwood's
accounting for taxes.
a. Use the following T-accounts to help you write a journal entry that Fleetwood used to recognize
tax expense for 2020.
Deferred Tax Liability
Deferred Tax Asset
Journal Entry:
b. What is the taxable income for 2020?
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Step 1
Step 1
Journal is the part of book keeping.
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