Reference no: EM133031559
Question - The accounting records of Bonita Inc. show the following data for 2017 (its first year of operations).
Life insurance expense on officers was $11,000.
Equipment was acquired in early January for $298,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Bonita used a 30% rate to calculate depreciation.
Interest revenue on State of Iowa bonds totaled $4,000.
Product warranties were estimated to be $52,000 in 2017. Actual repair and labor costs related to the warranties in 2017 were $11,000. The remainder is estimated to be paid evenly in 2018 and 2019.
Pretax financial income was $896,000. The tax rate is 30%.
Required - Prepare the journal entry for 2017 to record income taxes payable, income tax expense, and deferred income taxes.
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