Prepare a schedule showing the reversal of the temporary

Reference no: EM13568384

Grizzly Inc. computed a pretax financial income of $40,000 for the first year of its operation ended December 31, 2014. Analysis of the tax and book basis of its liabilities disclosed $360,000 in unearned rent revenue on the books that had been recognized as taxable income in 2014 when the cash was received

the unearned rent is expected to be recognized on the books in the following pattern

2015 90000

2016 160000

2017 70000

2018 40000

the enacted tax rates for this year and the four next years are

2014 40%

2015 36%

2016 33%

2017 30%

2018 32%

1. prepare a schedule showing the reversal of the temporary difference and the computation of income taxes payable and deferred tax assets or liabilities as of December 31, 2014

2. prepare journal entries to record income taxes payable and deferred income taxes

Reference no: EM13568384

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