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Molnar Corporation reported the following results for Year 1, its first year in business:
Taxable income (all taxable at 34%) . . . . . . . . . . . . . . $300,000
Accounting income (income before taxes). . . . . . . . . . $400,000
The difference between taxable income and accounting income resulted from the following:
Income
Income Tax
Statement
Return
Depreciation
$100,000
$150,000
Profit on installment sales
135,000
55,000
Product warranty expense
30,000
-0-
REQUIRED:
1. Reconcile income before taxes to taxable income.
2. Prepare the journal entry to record the taxes for Year 1 assuming the following turn around on temporary differences and a 34% tax rate for years 2-3 and 40% for years 4-5:
Taxable/(Deductible)
2
3
4
5
$15
$20
Installment Sales Profit
25
30
Product Warranty
$(30)
3. Classify the deferred taxes for balance sheet purposes assuming installment sale receivables are classified as a current asset and product warranty is a long-term liability.
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