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Question - Gary Winarski Inc. has accounting income of $500,000 for 2020. There are no permanent differences in calculating taxable income, and there were no deferred taxes at the beginning of 2020. At the end of 2020, there are temporary differences of $95,000, which are expected to result in taxable amounts in 2022. The statutory tax rates enacted in 2020 are as follows:
Year Tax Rate
2019 34%
2020-2021 32%
2022 and later 30%
Instructions
(a) Calculate taxable income for 2020 and record income tax payable.
(b) Calculate the deferred tax liability at December 31, 2020, and record the change in the deferred tax liability, assuming that taxable income is expected in all future years.
(c) Draft the income tax expense section of the income statement for 2020 (beginning with "Income before income taxes").
(d) Draft the income tax expense section of the income statement for 2022 assuming taxable income for 2022 is $350,000 (beginning with "Income before income 'taxes").
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