Computa taxable income for 2019. Taable incoma eTextbook and Medla List of Accounts Precara the journal antry to record incomstaroperss, deferad income tavas, and incoms tavas payable for 2019. (Credit occount titles are automatically indented when amount is entered. Do net indent manually if no entry is required, select "No Entry" for the account titles and enter O for the amounts)

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 47P
icon
Related questions
Topic Video
Question
The following information is available for Pina Corporation for 2019 (its first year of operations).
1.
Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years
2020-2023.
2.
Deferral, for book purposes, of $20,800 of rentrecsived in advance. The rent will be recognized in 2020.
3.
Pretax financial income, $284,000.
4.
Tax rate for all yaars, 20%.
Computa taxable income for 2019.
Taxable incoma
eTextbook and Medla
List of Accounts
Prepare the journal antry to record income taxepense, daferred income taxes, and income taxas payable for 2019. (Credit
occount 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 amcunts)
Account Titles and Explanation
Debit
Credit
eTextbook and Medla
List of Accounts
Prepare the journal antry to record income tax oxpense, deferred income taxes, and income taxas payable for 2020, assuming
taxable income of $330,800. (Credit account titles are automatically indented when amount is entered. Do not indent manuaily. If no
entry is required, seiect "No Entry" for the account titles and enter O for the amounts)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:The following information is available for Pina Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book dapreciation, $38,400. This $38,400 difference will reverse squally over the years 2020-2023. 2. Deferral, for book purposes, of $20,800 of rentrecsived in advance. The rent will be recognized in 2020. 3. Pretax financial income, $284,000. 4. Tax rate for all yaars, 20%. Computa taxable income for 2019. Taxable incoma eTextbook and Medla List of Accounts Prepare the journal antry to record income taxepense, daferred income taxes, and income taxas payable for 2019. (Credit occount 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 amcunts) Account Titles and Explanation Debit Credit eTextbook and Medla List of Accounts Prepare the journal antry to record income tax oxpense, deferred income taxes, and income taxas payable for 2020, assuming taxable income of $330,800. (Credit account titles are automatically indented when amount is entered. Do not indent manuaily. If no entry is required, seiect "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Depreciation Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage