Reference no: EM131217060
South Carolina Corporation has one temporary difference at the end of 2014 that will reverse and cause taxable amounts of $64,100 in 2015, $70,160 in 2016, and $76,179 in 2017. South Carolina’s pretax financial income for 2014 is $358,310, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2014.
(a) Compute taxable income and income taxes payable for 2014. (Round answers to 0 deicmal places, e.g. 1250.)
Taxable Income $
Income taxes payable $
b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014. (Round answers to 0 deicmal places, e.g. 1250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Accounr Titles & Explanation Debit Credit
Prepare the income tax expense section of the income statement for 2014, beginning with the line “Income before income taxes.”. (Round answers to 0 deicmal places, e.g. 1250. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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