User Account

All Pages

Prepare the appropriate journal entry to record ameen

Assignment Help Accounting Basics
Reference no: EM131003712

On January 1, 2008, Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2010, the carrying value of the building was $30 million and its tax basis was $20 million. At December 31, 2011, the carrying value of the building was $28 million and its tax basis was $13 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2011 was $45 million.

Required:

1. Prepare the appropriate journal entry to record Ameen's 2011 income taxes. Assume an income tax rate of 40%.

2. What is Ameen's 2011 net income? 

Reference no: EM131003712

Questions Cloud

Calculate the budgeted overhead allocation rates : Prepare a direct material usage budget in both units and dollars - calculate the budgeted overhead allocation rates for weaving and dyeing.
What is the amount of income tax expense that southeast : Refer to the situation described in BE 16-15. Suppose Southeast Airlines prepares its financial statements according to IFRS. What is the amount of income tax expense that Southeast should report in its income statement?
What will alvis report in the balance sheet : What will Alvis report in the balance sheet pertaining to income taxes?
Suppose you are told that the price elasticity of demand : Suppose you are told that the price elasticity of demand for soft drinks is 2.0; the cross price elasticity of demand of soft drinks for iced tea is 1.5; the cross price elasticity of demand of soft drinks for popcorn is -2.0; and the income elastici..
Prepare the appropriate journal entry to record ameen : Prepare the appropriate journal entry to record Ameen's 2011 income taxes. Assume an income tax rate of 40%.
The temporary book-tax difference for the depreciable asset : Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value).
How large is the current : A long cylindrical conductor of radius R = 3cm carries a uniformly distributed current, I, through its cross section, perpendicular to the plane of the paper. The magnetic field, B, at a distance r = 8 cm from the axis is 35 uT in a clockwise sens..
Prepare the journal entry to record income taxes : Assuming an income tax rate of 40% and 2011 income tax payable of $950,000, prepare the journal entry to record income taxes for 2011.
Friction between the chip and the tool face formula : The friction between the chip and the tool face formula

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd