Reference no: EM132044950
Question - At the beginning of 2013, Norris Company had a deferred tax liability of $7,200, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial reporting. The income tax rate is 30% for 2012 and 2013, but in 2012 Congress enacted a 40% tax rate for 2014 and future years.
Norris's accounting records show the following pretax items of financial income for 2013: income from continuing operations, $156,000 (revenues of $396,000 and expenses of $240,000); gain on disposal of Division F, $22,900; extraordinary loss, $18,300; loss from operations of discontinued Division F, $9,800; and prior period adjustment, $18,000, due to an error that understated revenue in 2012. All of these items are taxable; however, financial depreciation for 2013 on assets related to continuing operations exceeds tax depreciation by $6,900. Norris had a retained earnings balance of $156,000 on January 1, 2013, and declared and paid cash dividends of $43,000 during 2013.
Required: Prepare Norris's income tax journal entry at the end of 2013.
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