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Business
AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 18, Problem 8P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Deferred Tax Liability: Depreciation Gire Company began operations at the beginning of 2019 at which time it purchased a depreciable asset for $60, 000. For 2019 through 2022, the asset was depreciated on the straight-line basis over a 4-year life (no residual value) for financial reporting. For income tax purposes, the asset was depreciated using MACRS (200%, 3-year life).

For 2019 through 2022, Gire reported pretax financial income and taxable income of the following amounts (the differences are due solely to the depreciation temporary differences):

Chapter 18, Problem 8P, Deferred Tax Liability: Depreciation Gire Company began operations at the beginning of 2019 at which

Over the entire 4-year period, Gire was subject to an income tax of 30%, and no change in the tax rate had been enacted for future years.

Required:

  1. 1. Prepare a schedule that shows for each year, 2019 through 2022, the (a) MACRS depreciation, (b) straight-line depreciation, (c) annual depreciation temporary difference, and (d) accumulated temporary difference at the end of each year.
  2. 2. Prepare Gire’s income tax journal entry at the end of (a) 2019, (b) 2020, (c) 2021, and (d) 2022. (Round to the nearest dollar.)
  3. 3. Prepare the lower portion of Gire’s income statement for (a) 2019, (b) 2020, (c) 2021, and (d) 2022.

1 (a)

To determine

Prepare a schedule that shows MACRS depreciation from 2019 through 2022.

Explanation

Prepare a schedule that shows MACRS depreciation from 2019 through 2022:

YearMACRS Depreciation rateMACRS Depreciation (Tax purpose)
 (1)(2)=

1 (b)

To determine

Prepare a schedule that shows straight line depreciation from 2019 through 2022.

1 (c)

To determine

Prepare a schedule that shows the annual depreciation temporary difference from 2019 through 2022.

1 (d)

To determine

Prepare a schedule that shows the accumulated temporary difference from 2019 through 2022.

2 (a)

To determine

Record the income tax journal entry at the end of 2019 for Company C.

2 (b)

To determine

Record the income tax journal entry at the end of 2020 for Company C.

2 (c)

To determine

Record the income tax journal entry at the end of 2021 for Company C.

2 (d)

To determine

Record the income tax journal entry at the end of 2022 for Company C.

3 (a)

To determine

Prepare the lower portion of Company G’s income statement.

3 (b)

To determine

Prepare the lower portion of Company G’s income statement.

3 (c)

To determine

Prepare the lower portion of Company G’s income statement.

3 (d)

To determine

Prepare the lower portion of Company G’s income statement.

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Chapter 18 Solutions

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Ch-18 P-1GICh-18 P-2GICh-18 P-3GICh-18 P-4GICh-18 P-5GICh-18 P-6GICh-18 P-7GICh-18 P-8GICh-18 P-9GICh-18 P-10GI
Ch-18 P-11GICh-18 P-12GICh-18 P-13GICh-18 P-14GICh-18 P-15GICh-18 P-16GICh-18 P-17GICh-18 P-18GICh-18 P-19GICh-18 P-20GICh-18 P-21GICh-18 P-22GICh-18 P-23GICh-18 P-1MCCh-18 P-2MCCh-18 P-3MCCh-18 P-4MCCh-18 P-5MCCh-18 P-6MCCh-18 P-7MCCh-18 P-8MCCh-18 P-9MCCh-18 P-10MCCh-18 P-1RECh-18 P-2RECh-18 P-3RECh-18 P-4RECh-18 P-5RECh-18 P-6RECh-18 P-7RECh-18 P-8RECh-18 P-9RECh-18 P-10RECh-18 P-11RECh-18 P-12RECh-18 P-1ECh-18 P-2ECh-18 P-3ECh-18 P-4ECh-18 P-5ECh-18 P-6ECh-18 P-7ECh-18 P-8ECh-18 P-9ECh-18 P-10ECh-18 P-11ECh-18 P-12ECh-18 P-13ECh-18 P-14ECh-18 P-15ECh-18 P-16ECh-18 P-17ECh-18 P-18ECh-18 P-19ECh-18 P-20ECh-18 P-21ECh-18 P-1PCh-18 P-2PCh-18 P-3PCh-18 P-4PCh-18 P-5PCh-18 P-6PCh-18 P-7PCh-18 P-8PCh-18 P-9PCh-18 P-10PCh-18 P-11PCh-18 P-12PCh-18 P-13PCh-18 P-14PCh-18 P-1CCh-18 P-2CCh-18 P-3CCh-18 P-4CCh-18 P-5CCh-18 P-6CCh-18 P-7CCh-18 P-8CCh-18 P-9C

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