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No temporary differences existed at the beginning of 2011

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Reference no: EM131003665

The information that follows pertains to Esther Food Products:

a. At December 31, 2011, temporary differences were associated with the following future taxable (deductible) amounts:

Depreciation ...... $60,000
Prepaid expenses ...... 17,000
Warranty expenses .... (12,000)

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

c. Pretax accounting income was $80,000 and taxable income was $15,000 for the year ended December 31, 2011.

d. The tax rate is 40%.

Required:

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

Reference no: EM131003665

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