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Prepare a schedule with pretazx financial income

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Question - The accounting records for Shenault Inc show the following data for 2010

1. Life insurance expense on officers was $9000

2. Equipment was acquired in early January for $300000. Straight line depreciation over a 5 year life is used with no salvage value. For Tax purposes shinault uses a 30% tax rate tocal depreciation.

3. Interest revenue on state of NY Bons totaled $4000

4. Product warranties were estimated to be $50000 in 2010. Actual repair and labor costs related to the warranties in 2010 were $10000. The remainder is est to be paid evenly over 2011 and 2012.

5. Sales on accrual basis were $100000. For Tax purposes $75000 was recorded on the installment sales method.

6. Fines incurred for pollution violations were $4200

7. Pretax financial income was $ 750000 the tax rate is 30%.

A. Prepare a schedule with pretazx financial income in 2010 and ending with taxable income in 2010.

B. Prepare the journal entries for 2010 to record income taxes payable, income tax expense and deferred income tax.

Reference no: EM131765135

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