Reference no: EM132962760
The following information is available for Vaughn Corporation for 2020.
1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2021-2024.
2. Interest received on municipal bonds was $9,600.
3. Rent collected in advance on January 1, 2020, totaled $59,700 for a 3-year period. Of this amount, $39,800 was reported as unearned at December 31, 2020, for book purposes.
4. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years.
5. Income taxes of $333,000 are due per the tax return for 2020.
6. No deferred taxes existed at the beginning of 2020.
- Compute taxable income for 2020 is $832500
- Pretax financial income for 2020 is $926300
Problem 1: Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $1,063,000 in 2021
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