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Deferred Tax Liability
Teancum Inc. began operating on January 1, 2008. At the end of the first year of operations, Teancum reported $600,000 income before income taxes on its income statement but only $510,000 taxable income on its tax return. Analysis of the $90,000 difference revealed that$50,000 was a permanent difference and $40,000 was a temporary tax liability difference related to a current asset. The enacted tax rate for 2008 and future years is 35%.
1. Prepare the journal entries to record income taxes for 2008.
2. Assume that at the end of 2009, the accumulated temporary tax liability difference related to future years is $80,000. Prepare the journal entry to record any adjustment to deferred tax liabilities at the end of 2009.
Ignoring income taxes, what journal entry is needed to adjust the 2014 books to reflect this change? Assume that the 2014 closing entries have not yet been made.
Tax Project - Past tax season and two sets of colorful clients have come in with tax problems seeking your advice
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Compose a professional note that explains the various types of income that is subject to taxation - A marginal tax bracket, how it is determined, and what it means
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