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Compute taxable income and income taxes payable

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Reference no: EM132538744

Columbia Corporation has one temporary difference at the end of 2010 that will reverse and cause deductible amounts of $45,000 in 2011, $60,000 in 2012, and $450,000 in 2013. Columbia's pretax financial income for 2010 is $250,000 and the tax rate is 34% for all years. There are no deferred taxes at the beginning of 2010. Columbia expects to be profitable in the future.

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Question (a) Compute taxable income and income taxes payable for 2010.

Question (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2010.

Reference no: EM132538744

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