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Compute GinnyCo income tax provision for the year

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Reference no: EM132649514

Problem - GinnyCo reports a $100,000 income tax payable in the current year. GinnyCo holds a general business tax credit of $40,000 that it cannot use this year, and its auditors maintain that one-fourth of the credit carryforward will expire unused.

Required -

a. Compute GinnyCo's income tax provision for the year, expressed as a Microsoft Excel formula.

b. Construct the journal entry to report these items.

Reference no: EM132649514

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