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- Required: 3. Compute the balance due with the Company's 2021 federal return and its 2021 state return. 4. Prepare the necessary journal entry to record the Company's current income tax expense based upon the amounts computed in requirements 2 and 3.Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.Required: А. Calculate taxable income for 2020. В. Prepare the journal entry necessary to record income taxes at the end of 2020. С. How would any deferred tax amounts be reported on a classified balance sheet?
- a. Determine the amount of deffered tax liability at December 31, 2020b. Compute the total amont of income tax expense for the year 2020, identifying separately the curent position and deferred portion. c. Prepare the journal entries for income tax for the year ended December 31, 2020.Required(a) Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 ( (b) Prepare the required tax journal entries for each year.a. Compute the taxable income and income tax expense-current for 2020. Compute also the deferred tax asset at December 31, 2020.b. Prepare journal entries to record income tax expense for 2020.
- Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $30 million and taxable income of $38 million for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows: 2022 $million 25% 2023 25% million 2 2024 25% million 2025 20% million Required: 1. Determine the amounts necessary to record Allmond's income taxes for 2021 and prepare the appropriate journal entry. 2. What is Allmond's 2021 net income? Complete this question by entering your answers in the tabs below. Required Required Required 1 GJ 1 2 Determine the amounts necessary to record Allmond's income taxes for 2021. (Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). Enter all amounts as positive values.) Show lessA ($ in millions) Tax…As a general rule, which of the following is to be included in the annual tax return as an income for the taxable year? * Earned, accrued or received under cash basis of accounting. Earned and received under accrual basis of accounting excluding receivables. Earned including those not yet received under accrual basis of accounting. Earned, accrued or received either under cash or accrual basis of accounting.a. Prepare a schedule showing the reversal of the temporary differences and the computation of income taxes payable and deferred tax asset or liability as of December 31, 2020.b. Prepare journal entries to record income taxes payable and deferred income taxes.c. Prepare the section of the statement of comprehensive income of Wall Services beginning with "Income from continuing operations before income taxes" for the year ended December 31, 2020.
- 1. What amount should be reported as current tax expense for the current year? 2.What amount should be reported as total income tax expense? 3. What amount of income tax payable should be presented at year end?2. How much is the income tax payable to be presented in the statement of financial position at year end?*see attached problem REQUIRED: What amount should be reported as current portion of income tax expense in the income statement for the current year?