Reference no: EM133146963
Question - Easy Company started operations in 2020 and had the following tax provision information
A) Pretax financial income for GAAP purposes was $250,000
B) The tax rate for 2020 and future years is 30%
C) The differences between GAAP and Tax Income Statement are as follows:
Easy received proceeds ($15,000) on officers life insurance. GAAP recorded the amount as income. Amount is never taxable
Easy accrued $50,000 of revenue on 12/31/20. This amount will be collected in 2021
Easy accrued bad debt expense of $10,000 at 12/31/20. Tax only allows deductions for specific write-off of receivables which will not happen until 2021 or later.
D) Easy expects to have taxable income over the next 5 years
Required - Prepare the income tax provision model and journal entry for 2020?
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