Almond corporation, Almond Corporation, organized on

Almond corporation

Assignment Help Financial Accounting

Reference no: EM13924991

Almond Corporation, organized on January 3, 2013, had pretax accounting income of $14 million and taxable income of $20 million for the year ended December 31, 2013. The 2013 tax rate is 35%. The only difference between accounting income and taxable income is estimated product warranty costs. Expected payments and scheduled tax rates (based on recent tax legislation) are as follows:


2014	$	2 million	30	%
2015		1 million	30	%
2016		1 million	30	%
2017		2 million	25	%

Required:

Complete the following table given below and prepare the journal entry to record Almond's income taxes for 2013. (If no entry is required for particular event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5

Reference no: EM13924991

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