Reference no: EM132869323
Question - The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations:
Earnings before income taxes $620,000
In determining pre-tax accounting earnings, the following deductions were made:
a. Golf club dues 19,000
b. Accrued warranty costs 53,000
c. Depreciation 69,000
For tax purposes, the following deductions were made:
a. Warranty costs incurred 39,000
b. CCA 138,000
The capital assets, originally costing $690,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in Year 1. The tax rate is 36%.
Required - Prepare the journal entry to record income tax at the end of 20X9.
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