Reference no: EM132628482
The following information pertains to Ramesh Company for the current year:
Book income before income taxes 106,000
income tax expense 45,500
Income taxes due this year 28,000
stautory income tax rate 35%
Question 1: Calculate the amount of temporary difference for the year and indicate whether it causes book income to be more or less than taxable income
Question 2: Calculate the amoutn of the permanent difference for the year and indicate whether it causes book income to be more or less than taxable income
Question 3: Provide the journal entry to record income tax expense for the year
Question 4: Compute the effective tax rate (that is, income tax expense divided by book income before taxes
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