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At the end of 2016, its first year of operations, Slater Company reported a book value for its depreciable assets of $40,000 for financial reporting purposes and $33,000 for income tax purposes. Slater earned taxable income of $97,000 during 2016. The company is subject to a 30% income tax rate, and no change has been enacted for future years. The depreciation was the only temporary difference between taxable income and pretax financial income.
Required:
Problem 1: Prepare Slater's income tax journal entry at the end of 2016.
Problem 2: Show how the deferred taxes would be reported on Slater's December 31, 2016, balance sheet.
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