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Determine the amounts necessary to record income taxes

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Reference no: EM131003659

The information that follows pertains to Richards Refrigeration, Inc.:

a. At December 31, 2011, temporary differences existed between the financial statement carrying amounts and the tax bases of the following:

b. No temporary differences existed at the beginning of 2011.

c. Pretax accounting income was $200 million and taxable income was $145 million for the year ended December 31, 2011. The tax rate is 40%.

Required:

1. Determine the amounts necessary to record income taxes for 2011 and prepare the appropriate journal entry.

2. What is the 2011 net income?

Reference no: EM131003659

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