Reference no: EM132482084
Question - The following facts relate to Mckane Corporation:
1- Deferred tax liability, January 1, 2017, $60,000.
2- Deferred tax asset, January 1, 2017, $20,000.
3- Taxable income for 2017, $115,000.
4- Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $210,000
5- Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $95,000.
Instructions -
Compute the amount of pretax financial income for 2017
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.
Prepare the income tax expense section of the income statement for 2017, beginning with the line "income before income taxes".
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