Question 1 prior to 2012 pretax financial income and

Assignment Help Taxation

Reference no: EM13348877

Question :

1. Prior to 2012, pretax financial income and taxable income were identical.

2. Pretax financial income is $1,739,300 in 2012 and $1,442,800 in 2013.

3. On 1^st January, 2012, equipment costing $1,268,000 is purchased. It is to be depreciated on a straight-line basis over 5 years for tax purposes and over 8 years for financial reporting purposes.

4. Interest of $69,300 was getting on tax-exempt municipal obligations in 2013.

5. Included in 2013 pretax financial income is an extraordinary profit of $202,000, which is entirely taxable.

6. The tax rate is 37 percent for all periods.

7. Taxable income is expected in all future years.

Write the journal entry to record 2013 income tax expense, deferred taxes, and income taxes payable.

Reference no: EM13348877

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